ShareChat acquires SAIF Partners-backed Circle Internet
ShareChat said it has acquired Circle Internet for an undisclosed amount, a move that will help the homegrown social media app strengthen hyperlocal content on its platform.Backed by SAIF Partners and Venture Highway, Circle Internet provides locally relevant information to Indian language internet users across Tier-II and III cities and currently has a presence in more than 120 districts across Uttar Pradesh, Rajasthan, and Kerala.
With the acquisition of Circle's business, the existing 15-member team has joined ShareChat and will be contributing towards building a language-first, community-driven user generated hyperlocal content ecosystem, a statement said. The platform brings a network of over 1,000 volunteers to contribute towards the hyperlocal content ecosystem, it added.
"ShareChat is growing faster than the industry, and we are investing in our capabilities to serve diverse content needs of the new users that we add to the platform," said Manohar Charan, Vice President, Corporate Development and Strategic Finance, ShareChat.