Last week, news emerged that Triller, the American rival of Chinese company, TikTok was set to go public.
This comes after Triller became the No. 1 most-downloaded app in 54 countries across the world. On Monday, October 12, 2020, Reuters published a report that Triller was in discussions for a merger, through a special purpose acquisition company (SPAC).
Value The Market reports that Triller is reportedly working with investment bank, Farvahar Partners to explore and negotiate a deal with a SPAC. Triller will also conduct a private fundraise, led by UBS Group, through which it has already raised $100mln at a market value of $1.25bln - a jump from its 2019 value of $130 million.
Several reports have also claimed that Triller says it has 65 million active monthly users.
What is Triller?
Triller was released in 2015 as an AI-powered video app where users can create and share professional-looking videos in seconds with ready-made assistance via tools and ease of editing. It is also addictively fun. It’s all about loving music and connecting with like-minded people.
Since the trail of trouble for TikTok began in late-June 2020, Triller has continued to ramp up efforts to position itself. Already, it has won fans over in the Indian market that banned TikTok and other Chinese apps some weeks ago. It continues to get celebrities from Nigeria and other parts of the world on the app.