Mohalla Tech Pvt. Ltd, which operates social networking platform ShareChat, has acquired meme-sharing platform Memer.
Memer’s product suite will be integrated into ShareChat’s offerings following the acquisition. Memer’s eight-member team will also join ShareChat, the latter said in its statement. It didn’t disclose financial details of the deal.
Memer was founded in 2018 by three graduates of the Indian Institute of Technology. It provides a platform for internet users to share content, with a focus on memes. Investors in the company include Kae Capital, a Mumbai-based early-stage investment firm.
Manohar Charan, ShareChat vice’s president for corporate development and strategic finance, said the company was looking for “inorganic opportunities” to complement its organic growth efforts.
“We are on active lookout for startups that complement our product capabilities and share the vision of serving diverse content and social needs of Indian masses,” Charan added.
Memer co-founder and chief executive officer Amit Singh said the acquisition would provide it with a larger platform to distribute its features to hyperlocal communities across the country.
ShareChat was founded in 2015 by Farid Ahsan, Bhanu Pratap Singh and Ankush Sachdeva. It allows users to create, discover and share content such as videos, jokes, songs and images. In August last year, the firm raised $100 million (around Rs 715 crore then) in its Series D funding round.
Social media giant Twitter and TrustBridge Partners came on as new investors at the time. Existing investors Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital also participated.
Prior to that, ShareChat raised a $100 million round in September 2018 from investors led by Shunwei. Previously, ShareChat had secured around $18.2 million in a Series B funding round led by Chinese smartphone manufacturer Xiaomi and $4 million in a Series A round led by Lightspeed India Partners.
