Tiki, a popular short-form video app in India, has announced that it will cease operations on June 27, 2023. Tiki, which gained traction after the Indian government banned TikTok, had managed to maintain a significant user base of approximately 35 million monthly active users in its only operational market. The app, known for featuring original and locally-focused videos, had garnered over 100 million downloads on the Google Play Store.
The Singapore-headquartered Tiki’s closure raises questions about its financial backing, as it was owned by an entity called Dol Technologies. Industry executives speculate that Tiki may have been a subsidiary of a Chinese video app that faced a similar ban in mid-2020. The app’s sudden exit comes amidst a period of consolidation and exits in India’s short video market, with companies like MX Player, Zili, and Bigo Live also shuttering their operations.
In a statement shared on its social media accounts, Team Tiki expressed regret over the closure and acknowledged the challenges faced by the tech industry. They said, “The recent challenges faced by the tech industry have led to the closure of numerous startups. Despite being a small startup operating in Singapore and India, Tiki has always stood for being a place for real talents.”
Tiki users will no longer be able to create short videos or watch streams on the app after 11:59 PM IST on June 27. The company has advised users to download any important videos as it plans to delete all user data from its servers in India and Singapore.
Despite substantial funding, many of these platforms, including ShareChat, Chingari, and Trell, have witnessed challenges such as declining daily active users, downloads, and traffic. Sequoia, a major investor in Trell, exited the company earlier this year, citing market conditions.
The intense competition from established platforms like Instagram and YouTube has further impacted the growth of Indian short video apps. However, new players are entering the market, seeking to capitalize on the void left by the struggling apps. Myntra recently launched its short video platform, Myntra Minis, to showcase products across various categories, while Reliance Jio collaborated with Rolling Stone India and Creativeland Asia to introduce its short video vertical, ‘Platform,’ in November 2022.
The closure of Tiki serves as another reminder of the volatile nature of the social media space in India. While the short video market may be currently turbulent, industry players and investors remain optimistic about the potential for innovation and growth in the coming years.
