Asian Tech Press (Feb 10) -- The parent entity of India's ShareChat will reportedly buy its rival MX's short video platform for roughly $700 million.

ShareChat's parent company, Mohalla Tech, will acquire MX's short-form video platform dubbed TakaTak, Reuters reported on Thursday, citing sources familiar with the matter.

The report said the deal was valued at around $700 million, and could be announced within days.

ShareChat, an Indian social media company founded in October 2015, is the first social sharing app in India to allow users to share videos, audio and pictures, with content available for consumption only in local Indian languages.