Digital media company, Migme, rivals with Instagram and Snapchat in emerging markets. It is a social network where users can chat, play games, listen to music and engage with celebrities. Before, Migme was only challenging applications like Line and WeChat, but with its new integrations, it is also engaging users of photo-sharing applications.
The startup announced on Friday that it recently signed a memorandum of understanding with Meitu Investment Ltd. Migme raised $6.99 million after Meitu placed 11.6 million shares at $0.60 per share.
Meitu’s flagship app MeituPic has over 180million active users and is basically a platform where people can edit their pictures and videos, add touch-ups and filters, texts, and other effects. The integration of both Migme and Meitu aims to give its users “an experience set comparable to Instagram and Snapchat.”
Meitu which is also dubbed as the “Instagram of China”, can benefit from its integration with Migme by gaining users abroad. Migme has over 32 million active users mostly from emerging markets in India, Indonesia, and the Philippines.
Source: techinasia
