Reddit has entered Indian social media market with registration of two new companies in Mumbai in July. The registration of entities is part of the Indian legal framework that mandates the social media platforms to have a physical contact address in the country, as per the Financial Express report.
Reddit Community Network India and Reddit Technologies India are the two companies that Reddit registered. According to Indian laws, social media intermediaries must have a physical contact address in the country and appoint resident compliance and grievance officers.
Recently, in February this year, Reddit made its initial public offering (IPO) public in the US. Sam Altman, CEO of OpenAI, who is also the third largest shareholder of the company and holds 9.2 per cent of voting power ahead of Reddit’s IPO.
Advertisement
Following the IPO, the global social media giant submitted its filing with the US Securities and Exchange Commission and went public on the New York Exchange under the ticker symbol “RDDT.”
Meanwhile, the social media platform experienced a global outage on August 29. According to the Verge, the status page of Reddit showed that the website was experiencing a “degraded performance”, and the users received messages like, “Server error. Try again later.” The outage left thousands of users affected. The issue was fixed by the company soon.
“Earlier today we shipped an update that unintentionally impacted platform stability. We deployed a fix and are back up and running,” the company said in a statement to Reuters.
Advertisement
Reddit was founded in 2005, by Steve Huffman and Alexis Ohanian. It offers users the chance to post content, share links, and participate in discussions on diverse topics, grouped into communities called “subreddits”.
