Mumbai: Indian social media platform Sharechat has agreed to buy Times Internet-owned short video platform MX Takatak in a $600 million deal that includes a combination of cash and stock.

MX Takatak is slated to be rebranded in six months and the target for the closure of the deal was at the end of this month, according to Moneycontrol.

The report indicated that the value of the acquisition may change towards the closure of the deal.

Mohalla Tech, the parent company of Sharechat, will also integrate 180 employees under MX Takatak as part of the acquisition. It currently employs over 2000 people.