Aiming to make inroads into the Indian market, Chinese firm Cheetah Mobile on Tuesday announced that its live-streaming platform Live.me app has received $50 million (roughly Rs. 326 crores) in funding from China-based tech company Bytedance.
With the new alliance and funding, Live.me, that has more than 35 million global users, seeks to expand into more local languages and other content genres to reach an even broader audience in India.
"We are delighted to welcome Bytedance as a strategic partner for our fast-growing, live-streaming business. Bytedance's investment will accelerate the growth of Live.me's live video and short video businesses," Sheng Fu, Cheetah Mobile's Chief Executive Officer, said in a statement.
Following its debut in India earlier this year, Live.me is now pursuing an expansion strategy by setting up a new office in Mumbai and building strategic partnerships with local influencers with the goal of creating popular content for the users.
As part of the definitive agreement, Live.me will provide live-streaming services to Bytedance in the overseas markets.