India: ShareChat, Indian social media platform, today announced the acquisition of Memer, a leading platform for discovery and sharing of memes. The platform has gained popularity in the regional markets, esp. among young audiences since its inception. With the acquisition, Memer’s product suite will be integrated into ShareChat, making it more exciting to its users.
On successful completion of the acquisition, Manohar Charan, VP – Corporate Development and Strategic Finance, ShareChat, said, “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. 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.”
“Memer complement ShareChat’s product set and will help provide more power in the hand of creators on our platform. , We are excited to welcome them to the ShareChat family. We invite more such startups to come forward and join us in the mission of bringing exciting consumer internet products to Bharat,” added Charan.
Navin Honagudi, MD of Kae Capital added, “We had backed the Memer team when it was at an idea stage. Over time, they worked on multiple products to solve for content creation. Memer was their fourth product in the same direction. The team has built a unique understanding of community building and content creation through its multiple product iterations over the last 2 years. We wish all the best to the Memer and ShareChat team in their growth journey”.
Amit Singh, Co-founder, and CEO, Memer, said “We started Memer with a vision to enable original content creation among young Indian internet users better. In no time, the platform became popular across 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, the only company to have unlocked the magic of regional language. We are super excited to be part of ShareChat team”
Memer was founded in 2018 by three IIT-is 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.
With the acquisition, the 8-member team at Memer, has also joined ShareChat. The team will be contributing towards making ShareChat a more robust platform, with a stronger regional connection.
