Despite having a substantial user base of 35 million monthly active users in India, the popular short-form video app Tiki is scheduled to cease operations on June 27. Launched immediately after the ban on TikTok, Tiki filled the void for short video enthusiasts in the South Asian market. However, the app's mysterious origin and funding sources raised questions among industry experts.
Owned by Dol Technologies, an entity headquartered in Singapore, Tiki's primary market was India, where it showcased original and local-focused video content. Yet, the funding behind the app remains unclear, leading to speculations of its possible ties with one of the Chinese video apps banned in India in mid-2020. Despite its success in attracting users, the sudden announcement of its shutdown has left the industry puzzled.
In a post disclosing the shutdown, Tiki stated, "We regret to inform you that Tiki will be shutting down its operations. As of 11.59 PM India time, June 27, 2023, all Tiki functions and services will cease." The platform acknowledged the recent challenges faced by the tech industry, which led to the closure of numerous startups, and expressed gratitude to its users and creators for their support.
This closure comes at a time when the short video market in India is experiencing rapid consolidation and exits by various players. Times Internet sold the short video business of MX Player to ShareChat last year, while Xiaomi shuttered its short video offering Zili earlier this month. Tiki's exit contributes to the ongoing restructuring of the Indian short video market, leaving room for other competitors to fill the gap.
While many startups have struggled to survive in the challenging tech environment, Tiki's announcement is particularly surprising given its strong user base. This shutdown highlights the uncertainties lurking in the tech world and raises questions about the future of the short video app market in India. As competitors jostle to fill the void left by Tiki, the industry will undoubtedly keep close tabs on the unfolding dynamics in this ever-changing landscape.