Bengaluru-based regional language social media platform ShareChat on Monday announced that it has acquired Memer, a platform for discovering and sharing of memes.
Following the acquisition, the product suite of Memer's will be integrated into Sharechat, making it more exciting for the users. The size of the deal and the associated financials were not disclosed.
Memer was founded in 2018 by three IIT graduates Amit Singh, Chetan Dalal, and Chandramauli Singh. Funded by Kae Capital, the platform has gained popularity in the regional markets, especially among the younger audiences. Since its inception, Memer claims to have created over a million original memes on the platform.
Post the acquisition, the eight-member team at Memer will join ShareChat in Bengaluru. The team is expected to making ShareChat more robust, with a stronger regional connect.
Amit Singh, Co-founder and CEO of Memer said, "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, the only startup to have unlocked the magic of regional language. We are super excited to be part of ShareChat team.”
Memer was started with a vision to enable original content creation among young internet users of India. Gradually, the platform became popular across Hindi-speaking markets with healthy hyper-local communities. The team had then discovered that memes are an excellent content format to stimulate hyperlocal communities across the country.
ShareChat, on the other hand, which has about 60 million monthly active users (MAUs), aims to double its userbase by December this year.
Manohar Charan, VP-Corporate Development and Strategic Finance at ShareChat said, "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."
ShareChat is available in 15 Indian languages including Hindi, Gujarati, Tamil, Punjabi, Marathi, Malayalam, Telugu, among others.
(Edited by Suman Singh)
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