Tiki, the renowned short-form video app, is on the brink of shutting down its operations in India. This unfortunate closure adds yet another name to the ever-growing list of businesses that have fallen victim to the ban imposed on TikTok.
In an official announcement, Tiki expressed its regret over the decision to shut down its operations, stating that as of June 27, 2023. The closure of Tiki, which specialized in original and locally-focused videos, has come as a surprise considering its monthly active user base of approximately 35 million in India, its sole operational market. These figures were obtained from Sensor Tower, according to an industry executive.
After the New Delhi government imposed a ban on TikTok, Tiki, with its headquarters in Singapore, swiftly entered the Indian market to capitalize on the void left by the popular video-sharing platform.
The ownership of Tiki, which was managed by a company called Dol Technologies, remains a mystery, particularly in terms of its funding. There is a prevailing conjecture among industry experts that the company in question might have functioned as an undisclosed affiliate of one of the Chinese video app platforms that faced a prohibition by the Indian government in the latter part of 2020.
In a recent social media post by Tiki, it was recognized that the closure of numerous startups has regrettably emerged as a consequence of the formidable challenges encountered within the technology industry.
It further added, “Despite being a small startup operating in Singapore and India, Tiki has always strived to be a platform for genuine talent.” The post was signed by ‘Team Tiki.’
The closure of Tiki coincides with a period of rapid consolidation and exits within India’s short video market.For instance, last year, Times Internet made the decision to sell MX Player’s short video business to ShareChat, while Xiaomi recently halted its short video offering, Zili, in the country. These developments highlight the dynamic nature of the industry.
In conclusion Tiki, a platform dedicated to short-form video content,that gained popularity in India following the ban on TikTok, has announced its closure. Despite its substantial user base, Tiki was unable to sustain its operations in the Indian market, which is experiencing a wave of consolidation and exits in the short video industry.
