In a fresh addition to its portfolio, content sharing platform SHAREit has acquired South Indian movie app Fastfilmz.
After the acquisition, Karam Malhotra, the founder of Fastfilmz, will join as the CEO of SHAREit India. SHAREit expects to expand its content catalogue and increase its regional user base in India with Fastfilmz.
Fastfilmz was valued at around $13 Mn (INR 80-100 Cr) and raised $4 Mn (INR 25 Cr) in its last funding round in 2017. The startup promises to add the best of titles to its catalogue.
Commenting on the development, Jason Wang, managing director, SHAREit India, said, “We believe that in a mobile-first consumption environment like India, a platform like SHAREit is the answer to all entertainment needs. We think adding Fastfilmz to our product will help us enhance engagement with millions of users.”
With Fastfilmz in its kitty, SHAREit expects to drive strong user growth and quality community engagement with. The acquisition will also help SHAREit achieve its vision to become a one-stop entertainment solution by combining content, technology, and distribution in an interesting and inimitable manner.
Karam Malhotra, founder, Fastfilmz, said, “SHAREit has a huge user base and their loyalty towards the platform is incredible. Indian users are spending nearly 60% of their time on their phones watching videos, movies, mobile TV. Thus, SHAREit’s focus and promise to provide these users a new interactive form of engaging content is truly exciting!”