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Wednesday,01-December-2021

Business

ShareChat acquires video production firm HPF Films

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ShareChat

Home-grown social media group ShareChat on Wednesday said it had acquired HPF Films, a video production company specialised in digital content.

The acquisition is aimed at helping ShareChat and its short video platform Moj, a TikTok rival, to strengthen their efforts towards building a better content ecosystem, establishing a stronger creator fraternity, and augmenting their advertising solutions for brands, the company said, without disclosing the amount spent for the new acquisition.

Started in 2018, HPF Films has ideated and produced over 3,500 titles across different formats including web-series, digital ads, short films, and documentaries for more than 20 brands like Meesho, OKCredit, ixigo and Ola among others.

“As ShareChat continues on the aggressive growth journey, it is important for us to invest and build capabilities required to sustain growth on a large base,” Manohar Charan, VP – Corporate Development and Strategic Finance, ShareChat, said in a statement.

“This acquisition will help us build a framework for our creators and nurture them to evolve as influencers on the platform.”

With the acquisition, a 25-member team from HPF Films has already joined ShareChat and will be contributing towards content operations, digital marketing, creative solutions and creator management for both ShareChat and Moj.

“Given our expertise, we will assist the creators on ShareChat and Moj for better content creation through workshops, training etc. and strengthen the content operations and ad solutions,” said Navin Lalwani, Chief Operating Officer and Co-founder, HPF Films.

HPF Films has developed its video production and content capabilities across 12 Indic languages.

Currently, it owns over 100 channels across multiple digital platforms, with a network of more than 120 collaborating artists.

ShareChat said it presently has over 130 million monthly active users, while Moj has over 50 million monthly active users.

The company last month announced the acquisition of Circle Internet, a hyperlocal information platform.

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Business

Delhiites suffered due to Kejriwal’s delayed decision on petrol prices: Manoj Tiwari

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BJP MP Manoj Tiwari on Wednesday said had the Delhi government reduced VAT on fuel soon after the Centre’s decision to lower the prices of petrol and diesel, Delhiites’s hard-earned money would not have been wasted.

“Kejriwal looted the people of Delhi for 27 days! The late decision (on reducing VAT on petrol) has once again proved that he does not care about the people! Had the decision been taken 27 days ago, the people of Delhi would not have lost crores of rupees,” Tiwari said in a tweet in Hindi this afternoon.

Petrol prices in the national capital have fallen by Rs 8 per litre after the Delhi government cut down Value Added Tax (VAT) on the fuel to 19.40 per cent from earlier 30 per cent.

This decision was taken after the chief minister chaired a Cabinet meeting over the issue. Till now, the petrol is being sold at Rs 103.97 and new rates will come into effect from midnight.

Meanwhile, the diesel rate in Delhi stands at Rs 86.67. In Mumbai, which is having the highest fuel rates among metro cities, petrol is retailed at Rs 109.98 per litre while diesel is being sold at Rs 94.14 per litre.

On November 4, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

Following the Central government’s announcement, as many as 25 states and Union Territories reduced Value Added Tax (VAT) on petrol and diesel to provide relief to consumers.

A majority of these states are either ruled by the Bharatiya Janata Party (BJP) or its allies.

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Business

Nov GST collection rises to over Rs 1.31 lakh Cr

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GST

 India’s GST collection rose on both sequential and year-on-year basis in November.

Accordingly, the gross GST collection rose to Rs 1,31,526 crore last month.

This was the second straight month when the gross GST collection crossed Rs 1.30 lakh crore.

Besides, the GST revenue for November 2021 was 25 per cent higher than the corresponding period of last year and 27 per cent over the like month of 2019-20.

As per the Ministry of Finance, out of the total gross collection, CGST’s share was Rs 23,978 crore, SGST was Rs 31,127 crore, IGST about Rs 66,815 crore and Cess was Rs 9,606 crore.

“The GST revenues for November 2021 have been the second highest ever since the introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly,” the ministry said.

“This is very much in line with the trend in economic recovery.”

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Business

Petrol prices cut by Rs 8/litre in Delhi

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Petrol-2

Petrol prices in national capital fell by Rs 8 per litre on Wednesday after the Delhi government cut down Value Added Tax (VAT) on the fuel to 19.40 per cent from earlier 30 per cent.

New rates will come into effect from midnight.

This decision came after Chief Minister Arvind Kejriwal chaired a Cabinet meeting this morning.

Currently, the petrol is being sold at Rs 103.97.

In early November, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

In India, fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Besides, the central government charges an excise duty on auto fuels. After adding excise duty, dealer commission and VAT, the retail selling price of the petrol gets nearly doubled.

From June 2017 onwards, the petrol and diesel prices in India are being revised daily at 6 a.m. via the dynamic fuel price method. Earlier, this exercise used to take place every fortnight.

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