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<Editor's Pick>Alibaba pumps $100M in TikTok's India rival VMate to grab a slice of the growing social video space in India
UC finally got another big move on the way to the overseas. On May 27th, the picture of India's VMate team celebrating the success of financing in Delhi was showing on the Internet. Since then, many sources have revealed that VMate, a short video community product that has gain big succuss in the Indian market, has received $100M funding from Alibaba.
This also proves that this project, which was incubated by the UC India team at the end of 2017, was recognized by Alibaba Group.
“In fact, the reason is very simple. UC is still the most competitive company in India. It is better to invest in others than to invest in it. It is better to grow from our own internal incubation.” May 29, Alibaba Digital Media and Entertainment Manager and UC President Zhu Shunyan revealed to the media during the communication between Alibaba Beijing headquarters. He is also responsible for the innovation business of the Digital Media and Entertainment Group.
Chinese companies such as Cheetah Mobile, which entered the Indian market during the same period as UC, have already left the Indian market due to the problem of monetization, while UC is still strong in India Market.