Indigenously developed social media platform ShareChat has acquired Kae Capital backed meme-sharing app Memer and is looking for more buyouts, the company said on Monday. The deal size was however not disclosed by the company.
ShareChat claims to have around 6 crore monthly active users and aims to cross the 12-crore mark by the end of 2020.
"We are on an 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," Manohar Charan, vice president for corporate development and strategic finance, ShareChat said in a statement.
The integration of Memer into ShareChat will help it bring more variations to content, a better user experience that may lead to enhanced user engagement and retention.
"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," Charan said.
ShareChat is available in 15 Indian languages including Hindi, Gujarati, Tamil, Punjabi, Marathi, Malayalam, Telugu, among others. Memer CEO and co-founder Amit Singh said Memer was started with a vision to enable original content creation among young Indian internet users and gained traction from Hindi-speaking markets with healthy hyper local communities.
"Gradually we discovered memes to be an excellent content format to stimulate hyperlocal communities across the country. However, 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 . We could not think of anyone better than ShareChat," Singh said.
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