Content sharing platform SHAREit acquires movie app Fastfilmz
Beijing-based content sharing platform SHAREit has acquired movie app Fastfilmz, which exclusively screens south Indian films, for an undisclosed amount.
The company said in a statement that the transaction valued Fastfilmz at around $13 million (around Rs 86 crore).
Fastfilmz had secured $4 million (Rs 25 crore) in its most recent funding round last year.
Fastfilmz founder Karam Malhotra will now become SHAREit's chief executive in India.
SHAREit said the acquisition is aimed at augmenting its content catalogue and expanding its regional user base.
Fastfilmz is an over-the-top (OTT) platform that showcases south Indian films. It was founded in 2015 by Malhotra, a former executive at consulting firm McKinsey & Co. and an alumnus of St Stephen’s College and the Kellogg School of Management.
Malhotra had also founded an ed-tech startup called Greatest Common Factor, which uses video to help students prepare for competitive exams.
Last May, Google had shortlisted FastFilmz for the fourth class of its Accelerator Program.
SHAREit's app allows users to transfer files across different platforms without any charge. Users can also watch movies, make personalised videos, listen to music and share content such as wallpapers and memes.
The Chinese company claims to have more than 1.5 billion users globally. Its app is available in more than 200 countries and regions and is currently available in 39 languages.
According to research conducted by the company, the most active users in India comprise youngsters in major Indian cities in the age group of 16-28 years.
Run by SHAREit Technologies Co Ltd., the app was developed in 2012 under the Lenovo brand before becoming an independent entity in 2015.
SHAREit Technologies develop apps for Windows, Android, iOS and Windows Phone platforms. Its products include SHAREit (its core product), CLONEit, CLEANit and SHAREit SD (Wi-Fi SD card).
Deals in the space
Other content sharing platforms which secured funding in the recent past include Bengaluru-based video sharing app Clip, which last December raised $6 million (Rs 38.5 crore) in a Series A round led by venture capital firm Matrix Partners.
In July, Bengaluru-based Noticeboard, a mobile-first communication platform for on-field staff, raised $1.2 million (Rs 8 crore) led by Stellaris Venture Partners and angel investors.
In March last year, 21st Century Fox-owned broadcaster Star India Pvt Ltd acquired a minority stake in Bengaluru-based media-tech firm Zapr Media.