Homegrown alternative to massively popular TikTok -- ShareChat -- has made its second acquisition in less than a month as the company looks to ramp up its digital content creation.
ShareChat acquires HPF Films.
Homegrown alternative to massively popular TikTok — ShareChat — has made its second acquisition in less than a month as the company looks to ramp up its digital content creation. “The acquisition will help ShareChat and Moj to strengthen their efforts towards building a better content ecosystem, establishing a stronger creator fraternity, and augmenting their advertising solutions for brands,” the company announced in a statement on Wednesday. However, ShareChat hasn’t divulged the details of the deal size. ShareChat has been one of the beneficiaries of the Indian government’s move to ban Chinese apps and now looks to grow its presence by making the best use of TikTok void. The social media company recently acquired hyperlocal information platform Circle Internet to improve penetration in the regional internet space.
ShareChat is on an aggressive growth journey and the company looks to invest and build capabilities to sustain growth on a large base, Manohar Charan, VP — Corporate Development and Strategic Finance — ShareChat, said. With the acquisition, the company will be able to build a framework for its creators and help them to become influencers on the platform. The company also looks to leverage HPF’s creative capabilities to create innovative, high performing advertising solutions for the brands looking at engaging with its audiences. ShareChat, which is backed by Twitter, currently has over 130 million monthly active users, while Moj has over 50 million monthly active users. The latest acquisition takes ShareChat’s total acquisition tally to four in 2020 after fashion marketplace Elanic and meme-sharing startup Memer and Circle Internet.
Launched in 2018, HPF Films has produced more than 3500 titles across different formats including web-series, digital ads, short films, and documentaries for brands such as Meesho, OKCredit, ixigo, and Ola among others. Under the acquisition, a 25-member team from HPF Films has joined ShareChat and HPF will also continue to work with other brands.
ShareChat is currently valued at approximately $650 million and is expected to enter the unicorn club as it awaits next round of funding.