Memes are a powerful tool for communication over social media. Their affinity for evolving across politics, history, and sociocultural phenomena makes them an ideal communication vehicle. To comprehend the subtle message conveyed within a meme, one must understand the background that facilitates its holistic assimilation. Besides digital archiving of memes and their metadata by a few websites like knowyourmeme.com, currently, there is no efficient way to deduce a meme's context dynamically. In this work, we propose a novel task, MEMEX - given a meme and a related document, the aim is to mine the context that succinctly explains the background of the meme. At first, we develop MCC (Meme Context Corpus), a novel dataset for MEMEX. Further, to benchmark MCC, we propose MIME (MultImodal Meme Explainer), a multimodal neural framework that uses common sense enriched meme representation and a layered approach to capture the cross-modal semantic dependencies between the meme and the context. MIME surpasses several unimodal and multimodal systems and yields an absolute improvement of ~ 4% F1-score over the best baseline. Lastly, we conduct detailed analyses of MIME's performance, highlighting the aspects that could lead to optimal modeling of cross-modal contextual associations.
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