Bubbly, the voice-based social media network, has been acquired by India-based Altruist, which provides telecom services in Europe, Africa, and Asia. The terms of the deal were undisclosed. Bubbly, which was known as Bubble Motion before rebranding last year, raised a total of $39 million, and investors, including Sequoia Capital, Comcast Ventures, Palomar Ventures, JAFCO Asia, NGP, Infocomm Investments, and SingTel Innov8, will be minority shareholders in the combined company.
In a statement, Bubbly said it has 40 million users in Asia and the Middle East on its voice-based social media platform, as well as 140 million users on BubbleTalk, a voice SMS service.
In a statement, Altruist co-founder Dheeraj Aggarwal said “we are very excited about the addition of Bubbly… It’s a perfect complement to our European and African voice platform business which caters to more than 80 million active voice messaging users, which would immediately benefit from the addition of a proven, yet futuristic service.”