SHAREit, the Beijing-based file sharing platform recently announced the acquisition of movie app Fastfilmz that only displays South Indian movies, for an undisclosed amount.
SHAREit revealed in a statement that the acquisition valued the company at $13 million. Fastfilmz last raised a funding round of $4 million last year. The founder of Fastfilmz, Karam Malhotra will move to SHAREit office, taking the post of Chief Executive of SHAREit India.
The acquisition of Fastfilmz has been made to carry out the ambitions of the Chinese tech company in distributing wider contents across regional languages as well.
Fastfilmz operates as an over-the-top (OTT) platform meaning that it sells the movies it broadcasts directly to its customer base over the internet through streaming media, instead of distributing traditionally over telecommunications or cable. The firm was founded by Karam Malhotra in 2015 who is also credited for founding ed-tech startup known as Greatest Common Factor that uses video to assist students preparing for competitive exams.
SHAREit is an app developed in 2012 ran by SHAREit Technologies Co. Ltd. that allows its users to share files among peers across different platform for free. It also extended its services to provide movies, personalized videos, music and sharing content like wallpapers and memes as well. The company revealed that the app is used by over 1.5 billion users globally and is available in over 200 countries and 39 languages.
According to surveys carried out by the company, the user demographic of the app is mostly comprised of youngsters between the age of 16-28. The app is operational in several operating systems such as Windows, Android, iOS and Windows Phone with products like SHAREit, CLONEit, CLEANit and SHAREit SD.