China’s Toutiao, one of the world’s most valuable start-ups, has launched a social networking app called Helo to take on the country’s hottest digital media start-ups such as Dailyhunt, ShareChat and Clip as well as Facebook.

Helo, which aggregates content on parenting, showbiz, daily soaps and even farming, has already racked up more than 1 million downloads since its launch last month. Helo’s interface is strikingly similar to that of ShareChat, the content and social networking app that has become an investor’s darling.

The launch of Helo marks a significant departure from the way most Chinese internet giants have operated in India so far. The likes of Alibaba Group, Tencent Holdings and Meituan-Dianping have picked up stakes in Indian companies rather than launching their own operations here.

Helo was launched by Toutiao after it considered investing in start-ups it is now competing with. Earlier this year, the Chinese company held talks to invest in both ShareChat and short-video platform Clip, but neither discussion led to a deal, two people familiar with the matter said. Toutiao is also a minority shareholder in news app Dailyhunt, with which it will now compete.

(Source:dealstreetasia.com)