Youtube Acquires Indian Social Commerce Startup Simsim

YouTube has acquired social commerce startup Simsim, the Google-owned firm said on Tuesday. Neither of the firms disclosed the terms of the deal, but two people with knowledge of the matter told TechCrunch the Indian startup was valued at over $70 million.

Two-year-old Simsim had raised about $17 million prior to today’s announcement and was valued at $50.1 million in its 2020 Series B financing round.

The Gurgaon-headquartered startup helps small businesses in India transition to e-commerce by using the power of video and creators. The startup’s eponymous app acts as a platform to connect local businesses, influencers and customers.

For YouTube, the acquisition will enable the video streaming giant help small businesses and retailers in India reach new customers in even more powerful ways, wrote Gautam Anand, VP of YouTube APAC, in a blog post.