MemeChat Pvt Ltd, which runs a meme making app MemeChat, said it has secured its second funding of over $1 million (around Rs 7 crore) led by the venture capital firm Beenext.
The round also saw participation from Stanford Angels & Entrepreneurs, 9Unicorns, Founders Room Capital, Gaurav Munjal (Co-Founder and CEO at Unacademy), Roman Saini (Co-Founder at Unacademy) and Abhishek Goyal (Co-Founder of Tracxn).
MemeChat plans to use the fresh funds to onboard more users to its newly launched non-fungible token (NFT) marketplace - The Meme Club.
It will also build new tools on its networking app for users to easily discover and share memes.
“With a little over two years, MemeChat has experienced exponential growth and an unwavering faith 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, innovate our product portfolio, strategically leverage brand partnerships, and a lot more," he added.
Founded in 2019 by Fernandes and Taaran Chanana, MemeChat is a homegrown social media networking app which claims to have more than one million monthly active users and over 20 million memes.
The startup, in a statement, said it had partnered with Indian over-the-top platforms such as ALT Balaji, Hotstar, among others.
It also claimed to be the only Indian startup in 2020 to be funded with $150000 (around Rs 1 crore) from 500 startups.