Adar Poonawalla takes a 20% stake in short video sharing platform Wakau
Serum Institute of India (SII) CEO Adar Poonawalla has taken a 20% stake in a JetSynthesys subsidiary and short-video sharing platform Wakau. Poonawalla is the second biggest investor in Wakau after megastar Amitabh Bachchan. The amount for which Poonawalla took the stake, however, was not disclosed.
Launched by entertainment and digital technology company JetSynthesys, Wakau is a community-driven social media platform that offers a combination of mobile screen experience and short video content in entertainment and fashion with an associated video commerce element. The app has over 4 lakh of user-generated videos and a song library with over 10,000 selected regional and major songs for short videos. Wakau has over 5 lakh user engagement daily events.
“New content formats such as short entertainment and fashion videos are gaining popularity at scale and Wakau, leveraging its advanced AI-based technology stack, has made it so easy, creative, fun and safe for consumers with its high levels of personalization. I would like to congratulate the team on the AI award and am excited to join this behemoth of possibilities with Wakau as it embarks on its next phase of growth,” said Poonawalla, quoted by the PTI news agency.
According to JetSynthesys Vice President and General Manager, Rajan Navani, Wakau was created with the aim of entertaining users and promoting creativity through the distribution and monetization of content through mechanisms such as NFTs. He added that the company has also leveraged AI/ML offerings from AWs in combination with locally developed data science models to maintain content quality, filter inappropriate content to provide a safer experience for users, develop new features and designs based on user needs and serving the best content in line with user preferences and interests.
“Adar has been up to date with the work the team has done so far and sees the huge potential in the platform. We are thrilled to have him with us on the journey in an official capacity now, alongside Big B, and we look forward to jointly taking further steps for Wakau in the future,” Navani said of Adar Poonawalla’s investment in the company.
(With contributions from the agency)
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