Continuing with its inorganic expansion strategy, social media start-up Share Chat has acquired Saif Partners-backed Circle Internet for an undisclosed amount, in order to help the homegrown app strengthen hyper local content on its platform. The company had earlier acquired memes platform Memer for an undisclosed amount in April.
With this acquisition, the existing 15-member Circle team has joined Share Chat and will be contributing towards building a language-first, community-driven user generated hyper local content ecosystem, said the Twitter-backed company.
“This acquisition will help us penetrate deeper into geographies and nurture a thriving hyper local content ecosystem that will understand and serve the latent content needs of, the next billion internet users more effectively,” said Manohar Charan, VP, Corporate Development and Strategic Finance, Share Chat. “Circle’s hyper local expansion playbook complements Share Chat’s wide user base to create a strategic advantage and enhance our operational muscles to boost a community-powered content ecosystem.”