Short video app born after India’s TikTok ban gets US$805mil

A startup that launched a short video app, days after India banned China's TikTok, received RM3.39bil in funding backing its massive growth. — AFP

An Indian social content startup that launched its short video app exactly four days after the government banned China’s TikTok, has received US$805mil (RM3.39bil) in funding, the country’s largest venture capital round this year.

A little over half the capital, US$425mil (RM1.79bil), in VerSe Innovation Pvt’s latest round, came from the Canada Pension Plan Investment Board, the startup announced on Wednesday.