Paytm has announced that it has completed the acquisition of hyperlocal deal sites Nearbuy and Little. The deal was in the works for a while, and Paytm would be merging both entities to create India’s largest deal discovery and booking platform. Paytm will own a majority stake in the Nearbuy-Little combine. Both startups unarguably strengthen Paytm’s offline-to-online (O20) operations and ramp up its merchant network in categories such as restaurants, movie theaters, hotels, salons, gyms, spas and more. Also Read - Top 5 UPI apps you can use to transfer money in India: GPay, Paytm, moreAlso Read - Kejriwal daughter OLX payment scam: How to avoid online payment fraud while using UPI, e-wallet?
It will also allow the e-commerce operator to acquire new customers through the attractive deals on offer. “This combination of Nearbuy and Little marks a great opportunity for us to reinforce our commitment to support small and large retailers in the new age of mobile commerce and payments. I am sure consumers will love the greater selection and reach of everyday deals and discount offers,” Paytm founder Vijay Shekhar Sharma stated. Also Read - Today’s Tech News: OnePlus Band launched, Samsung Galaxy S20 price cut
The merged entity would reportedly have a valuation of $100 million. And Little and Nearbuy would jointly occupy about 88 percent share in the hyperlocal e-commerce segment. Incidentally, Paytm had a led a $50 million funding in Little Internet two years ago. Little, founded in 2015, currently operates in 17 cities and offers an array of deals via its website and mobile app. It is expected to boost Paytm s mobile commerce transactions. Little also offers merchants listed on its platform crucial customer intelligence that allows brands to target their products more effectively.
Nearbuy, whose founder Ankur Warikoo would be heading the joint entity, is known for its discount coupons both at the merchant site as well as those offered through tie-ups with credit and debit card companies. Customers would be able to access Nearbuy and Little Internet deals/discounts via the Paytm app. The platform integration would be completed in early 2018. Both firms aim to take their merchant network up to 100,000 from the current 40,000. Paytm already has five million merchant-partners. “Time for working hard and expanding our commitment to India s retailers, together,” Sharma said in a tweet.