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ShareChat, an Indian social media platform, has acquired Kae Capital-funded Memer, a platform for discovery and sharing of memes, for an undisclosed sum.
The deal is expected to strengthen ShareChat’s product innovation. Following the takeover, Memer’s product suite will be integrated with that of ShareChat, the company said in a statement.
“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,” said Manohar Charan, Vice-President (Corporate Development and Strategic Finance), at ShareChat.
“We are on active lookout for start-ups 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,” he added.
With the acquisition, the 8-member team at Memer, has also joined ShareChat.
Memer was founded in 2018 by IIT-ians Amit Singh, Chetan Dalal and Chandramauli Singh, and was funded by Kae Capital.
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