- Twitter-backed social media company ShareChat acquires Memer based in Bengaluru, a platform where users can discover and share memes in regional languages
Twitter-backed social media company ShareChat acquires Memer based in Bengaluru, a website where users can discover and share memes in regional languages. Transaction terms and specifics have not been released.
Memer, which was established in August 2018 by three Indian Institute of Technology (IIT) graduates, has gained popularity in regional markets, especially among the young. Memer’s software portfolio will become integrated into ShareChat with the acquisition.
This is the second acquisition ShareChat has made in one year. The social media company had purchased another online fashion marketplace Elanic based in Bengaluru for an undisclosed sum in February, signaling its interest in venturing into e-commerce.
Due to rising competition from Chinese apps like TikTok and Helo, ShareChat’s back-to-back acquisitions this year comes amid its monetization plans. In November 2019, Mint announced that ShareChat had been engaged for monetization with advertisers after its losses ballooned 12-times in FY19.
Since its inception, Kae Capital-backed Memer claims to have contributed over one million pieces of original content to its website.
Since its launch, Kae Capital-backed Memer claims to have added over one million pieces of original content to its website. The eight-member team at Memer will join ShareChat with the most recent acquisition.
“We started Memer with a dream to help young Indian internet users build original content better. In no time the platform became popular with safe hyper-local communities across Hindi-speaking markets. Gradually we discovered memes as an excellent format of content to stimulate hyperlocal communities around the country. We’ve been looking for a bigger player to share our passion for regional India, to take our creativity to the next level.
We’re excited to be part of the ShareChat team, “said Memer, co-founder & chief executive officer, Amit Singh.” Today, ShareChat is on a rapid growth path. We’re looking for inorganic opportunities to complement our organic efforts and fuel the growth engine. We’re actively looking for startups that complement our product capabilities and share the dream of serving diverse contemporaries.
The first step towards this approach happens to be Memer, “added Manohar Charan, Vice President (VC)-Corporate Development and Strategic Finance, ShareChat.