ShareChat app has now acquired the Kae Capital-backed meme sharing platform Memer to integrate the latter’s product suite into its content offerings.
ShareChat, as of now, did not disclose the value of the transaction.
As a part of the deal, Memer’s eight-member team will be going to join ShareChat, according to the report.
“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,” Manohar Charan, vice president of corporate development and strategic finance at ShareChat, said.
“In no time, the platform (Memer) 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,” Amit Singh, co-founder and CEO at Memer, said.