Adar Poonawalla has picked up 20 per cent stake in social media platform Wakau
New Delhi:
Serum Institute of India (SII) chief Adar Poonawalla has picked up a 20 per cent stake in Wakau Interactive, a short-video sharing platform and a subsidiary of JetSynthesys, for an undisclosed amount.
Mr Poonawalla thus has joined actor Amitabh Bachchan as Wakau’s league of investors. Financial details of the transaction were not disclosed, according to an official statement.
A community-driven social media platform, Wakau offers a combination of mobile-first screen experience and short video content in entertainment and fashion domains with an associated video-commerce element.
Launched by digital entertainment and technology company JetSynthesys, Wakau has over 4 lakh curated user-generated videos and a song library featuring more than 10,000 curated regional and main media songs for short videos. Wakau currently has more than 5 lakh daily user engagement events, the statement added.
“New content formats like short entertainment and fashion videos are gaining wide scale popularity and Wakau, leveraging its advanced AI based tech stack has made it so easy, creative, fun and safe for consumers with its high levels of personalisation. I’d like to congratulate the team on the AI award and am delighted to join this juggernaut of possibilities with Wakau as it sets off on its next phase of growth,” Mr Poonawalla said.
Rajan Navani, vice chairman and managing director at JetSynthesys, said Wakau was created with one goal – to entertain users and promote creativity.
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