- While the amount of deal is undisclosed, all Elanic employees will join ShareChat and Elanic’s founders will hold senior roles at ShareChat.
ShareChat a social media platform after entering into the fantasy sports league by Jeet11, is now ready to taste the world of social commerce.
ShareChat acquires Elanic to enter into social commerce sector. While the terms of the acquisition were undisclosed the acquisition comes after ShareChat explores different models to monetize its platform post-12-fold increase in the company’s losses last year.
“The Elanic team brings with them deep insights and expertise in understanding commerce trends and consumer preferences across India. ShareChat hopes to leverage this in areas of content delivery and social commerce and positively contribute to product advancement.” A spokesperson said.
A Short Brief about Elanic:
Elanic is India’s largest marketplace where anyone can sell, buy and stay up to date with fashion. Elanic gives an opportunity to explore widely differentiated styles and unique products.
Some call it a shopping website while some feel it’s a community. With more than a thousand sellers and millions of shoppers, Elanic is the fastest growing community where like-minded people come together to share their love of fashion.
It’s a peer to peer marketplace for lifestyle and fashion products. IT enables users to showcase and sell their pre-owned fashion products. The start-up as of now handles, pick-up, packages, delivers and accepts payments as well.
About ShareChat:
ShareChat is an Indian social media start-up. Incorporated by Mohalla Tech Pvt. Limited on 8th Jan 2015 that offers content consumption and sharing platform only in India vernacular languages to cater more than 1.17 billion wireless network users of India.
Mohalla Tech Pvt. Ltd. It was incorporated in Jan 2015 by 3 IIT Kanpur graduates and presently it employs around 130 people of March last year.
Summing Up:
A social media platform and a social commerce platform when comes together it’s most likely to be a win-win situation. While userbase of ShareChat will be able to utilize services and products of Elanic and the same goes for vice-versa.
On behalf of Next Big Brand, we wish all the best to this acquisition. 2 big moves initiated by ShareChat, all we have to do is wait and watch this social media app’s performance on the internet.
