In today’s ExchangeWire news digest: YouTube acquire Indian social commerce startup Simsim; Tencent are set to buy UK games developer Sumo Group; and Xiaomi have overtaken Apple to become the second-largest smartphone maker.
YouTube acquire Simsim
YouTube have acquired Indian social commerce firm Simsim in a deal rumoured to be worth over USD $70m (£50.9m). The startup, which is based in the Gurgaon region, was valued at USD $50.1m (£36.4m) in a 2020 series B funding round.
Founded two years ago, Simsim helps small businesses adapt to digital commerce by introducing local firms to video and content creators. For Google-owned YouTube, who currently boast more than 450 million monthly active users in India, taking over Simsim will allow them to help the country’s smaller companies expand their reach.
Simsim will continue to operate as a separate entity “while we work on ways to showcase Simsim offers to YouTube viewers,” wrote YouTube VP of APAC Gautam Anand in a blog post. The deal is Google’s latest move in India, the company having promised to invest USD $10bn…
