Economy

Paytm acquires hyperlocal deals firms Nearbuy and Little to merge them

Paytm acquires hyperlocal deals firms Nearbuy and Little to merge them

Paytm, the mobile wallet company has announced the acquisition of deals and discount apps Nearbuy as well as Little.

According to the sources aware of the development, the combined entity has been valued at around $100 million, after the fund infusion of $25 million from Paytm.

Paytm is the largest shareholder in Little. Earlier, it acquired a large stake in Nearbuy, formerly Groupon India.

Backed by Chinese technology giant Alibaba as well as Japanese telecom major SoftBank Group, Paytm since its $1.8-billion funding round from the Masayoshi Son-run company has been on a rapid expansion mode.

Paytm said Wednesday in a prepared statement that existing shareholders of Nearbuy including Sequoia India will come on board the Little-Nearbuy combine but it did not give any financial details on the transaction. Speaking to ET, Ankur Warikoo, the CEO of Nearbuy said that the merged entity will own 88 percent of the local commerce space.

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It was further added, "There are around half-a-million merchants in the organised retail space, which we would like to bring on our platform". The combined entity will continue to enable customers to discover deals and save money whenever they step out, and also help merchants effectively utilise their inventory and acquire new customers.

Vijay Shekhar Sharma, founder and CEO of Paytm, stated that the deal marks a great opportunity for the company to reinforce our commitment to support small and large retailers in the new age of mobile commerce and payments. This partnership will further strengthen Paytm's offerings for offline merchants for acquiring new customers through deals.

With this merger, the total merchants' count on the platform has now reached 40,000.

Paytm did not disclose the deal value of the stake buy.

A Mint report states that Sequoia Capital India is still a key in Nearbuy stakeholder after its acquisition. Paytm, which has been betting on its online-to-offline (O2O) model, wants to bulk up this vertical with these platforms coming into its fold.


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