Mr. Karam Malhotra, founder of Fastfilmz to become the CEO of SHAREit India
Mumbai: SHAREit, a leading one stop content platform, today announced that it has acquired Fastfilmz, one of the top movie app for South Indian movies. SHAREit’s acquisition of the number one South Indian OTT platform Fastfilmz will help expand their content catalogue and increase their regional user base in India. With this acquisition, Mr. Karam Malhotra, the founder of Fastfilmz will now become the CEO of SHAREit India.
This strategic deal will have a greater benefit for the users as they can now view their favourite films without much buffering and less usage of data. Fastfilmz, which is valued at around $13m (INR 80-100cr) and has raised $4m (INR 25cr) in last series funding round in 2017 , has always promised to add the best of titles of in its catalogue. Users can now enjoy these hit films from 4 south Indian languages whenever and wherever they want to just by accessing SHAREit app.
Mr. Jason Wang, Managing Director, SHAREit India said “We believe that in a mobile-first consumption environment like India, a platform like SHAREit is the answer to all their entertainment needs. We think adding Fastfilmz to our product will help us enhance the engagements to millions of users. We are witnessing excellent organic virality so far and are at the forefront of a secular movement in media tech, which is the rise of massive simultaneous online social communities. We are very excited to work alongside the Fastfilmz team to bring this experience to Indian consumers.”
Karam Malhotra, Founder Fastfilmz, said “SHAREit has a huge user base and their loyalty towards the platform is incredible. My team and I are thus very humbled to be given the opportunity to serve this community and be associated with a brand like SHAREit. Indian users are spending nearly 60% of their time on their phones watching videos, movies, mobile TV.Thus SHAREit’s focus and promise to provide these users a new interactive form of engaging content is truly exciting!
The acquisition supports SHAREit’s vision of becoming one stop entertainment solution by combining content, technology, and distribution in an interesting and inimitable manner. The app is highly differentiated from a slew of OTT offerings and gives SHAREit a direct distribution to complement its strong reach via social media networks. The combination of Fastfilmz and SHAREit’s media assets will ensure strong user growth and quality community engagement, which is the bedrock of any successful content consumption platform.
SHAREit has over 1.5 billion users globally and the app has reached out to more than 200 countries and regions and it is currently available in 39 languages. It is the most preferred platform for data sharing and content acquisition among internet users worldwide. SHAREit has a huge user base in India. Based on the intensive research conducted it has been noted that youngsters in major Indian cities, in the age group of 16-28 are the most active downloader’s and avid users of SHAREit.