SHAREit, a file sharing app, has 1.5 billion users worldwide. Of these, more than 400 million are in India making it the Chinese firm’s biggest market. Earlier this year, SHAREit acquired FastFi1mz, an Indian over-the-top (OTT) app for a reported US$ 13 million (approximately Rs. 90 crore). MX Player, which allows users to watch more or less all video formats, has over 175 million regular users in India. In July this year, one of India’s largest media firms, the Times Group paid about US$ 140 million (approximately Rs. 980 crore) to acquire it.
First published in the Business Standard, New Delhi on 12 September 2018. Reprinted with permission. www.business-standard.com