Home-grown regional language social media platform ShareChat on Monday announced the acquisition of Kae Capital-backed meme sharing app Memer for an undisclosed sum. With the acquisition, Memer's product suite will be integrated into ShareChat. As a result of the transaction, the eight-member team at Memer, has also joined ShareChat.
"Today, ShareChat is on a rapid growth path, and it's really important to keep a sharp focus on product innovation and faster execution. Therefore, we are looking for inorganic opportunities to complement our organic efforts and power the growth engine," said Manohar Charan, Vice President, Corporate Development and Strategic Finance, ShareChat.
Twitter-backed ShareChat said it is eying more acquisitions, and it extended an invitation to "more such startups to come forward and join us in the mission of bringing exciting consumer internet products" to the country.
"We are on active lookout for startups that complement our product capabilities and share the vision of serving diverse content and social needs of Indian masses. Memer happens to be the first step towards this approach," Charan added.
Memer was founded in 2018 by three Indian Institute of Technology (IIT) alumni - Amit Singh, Chetan Dalal and Chandramauli Singh - and was funded by Kae Capital.
Over a million original content has been created on the platform since its inception.
"We needed a larger platform to supercharge the distribution of our product features. We were looking for a larger player who shares our passion for regional India, to take our innovation to the next level," said Amit Singh, Co-founder and CEO, Memer.
"We are super excited to be part of the ShareChat team," he added.
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