India’s popular news aggregator platform, Sharechat on Monday said it has acquired Bengaluru-based Circle Internet for an undisclosed amount. The app provides local information to Indian language internet users in tier-II and tier-III cities. This presents in Uttar Pradesh, Rajasthan, and Kerala for now.
This move will definitely help the homegrown social media app strengthen hyperlocal content on its platform. Circle Internet was launched in 2018 by Uchit Kumar, Gaurav Agrawal, and Shashank Shekhar. Also, Shashank is a former ShareChat executive.
Circle Internet also claims to have a network of over 1,000 volunteers. Under this deal, the app will function independently, But its existing 15-member team will join ShareChat’s team.
After the deal, the company says it will contribute to building a language-first, community-driven user-generated hyperlocal content ecosystem.
Meantime, Twitter-backed ShareChat has been building its own short-video app, Moj. As the Indian government banned Bytedance-owned TikTok and Helo in India. ShareChat now wants to expand itself among tier-II and tier-III cities of the country.
ShareChat acquires SAIF Partners-backed Circle Internet
Talking about the deal, ShareChat‘s vice president of corporate development and strategic finance, Manohar Charan said;
“Circle App will continue to grow independently and empower our users to post more relevant and contextual content on the platform. However, its content will use to diversify the content palette at ShareChat, and drive more community-driven engagements.”
Meanwhile, Circle Internet’s chief executive and co-founder, Shashank Shekha said;
“Circle has the vision to provide trustworthy locally relevant information to Indian language internet users. The platform evolved as an invisible thread to bridge the gaps in content being made available to non-English speaking internet users. This is through relevant and contextual hyperlocal content.”
Notably, ShareChat has over 130 million monthly active users (MAUs) in India. Also, this app is available in 15 Indic languages. As per Reuter‘s report, the company was also in talks with Microsoft recently for around $100 million funding deal.