MemeChat Pvt Ltd, which runs meme creation app MemeChat, said it had secured its second funding of over $1 million (about Rs 7 crore) led by venture capital firm Beenext.
The round also saw participation from Stanford Angels & Entrepreneurs, 9Unicorns, Founders Room Capital, Gaurav Munjal (co-founder and CEO of Unacademy), Roman Saini (co-founder of Unacademy) and Abhishek Goyal (co-founder of Tracxn).
MemeChat plans to use the new funds to onboard more users to its new non-fungible token (NFT) marketplace – The Meme Club.
It will also build new tools on its networking app so users can easily discover and share memes.
“In just over two years, MemeChat has seen exponential growth and unwavering confidence from a strong investor base,” said Kyle Fernandes, CEO and Co-Founder of MemeChat.
“As a company, we will continue to focus on building a greater creator economy, innovating our product portfolio, strategically leveraging brand partnerships, and much more,” he said. he adds.
Founded in 2019 by Fernandes and Taaran Chanana, MemeChat is a local social networking app that claims to have over 1 million monthly active users and over 20 million memes.
The startup, in a statement, said it has partnered with over-the-top Indian platforms such as ALT Balaji, Hotstar, among others.
It also claimed to be the only Indian startup in 2020 to be funded with $150,000 (about Rs 1 crore) from 500 startups.