Paytm has announced that it has acquired Little and Nearby.
Paytm wants to emerge more than a digital wallet company and accession of these two platforms is part of its future plans.
Nearby and Little work with over 40,000 small and large merchants across food, beauty, travel, and other categories. this merge will help customers to discover deals and save money.
Nearby was initially formed as SoSasta in 2011. It was later acquired by Groupon Inc. When the founders of SoSasta exited the company, it came to be known as Groupon India in 2013. It was later rebranded as Nearby in 2015, after Sequoia Capital India bought a majority stake.
Little was founded in 2015 by Manish Chopra and Satish Mani, also the force behind online fashion brand, Zovi. According to a report, Little began with the support of Paytm as they wanted to figure out the market. It had an investment of 50 million USD from Paytm, SAIF Partners, and Tiger Global.
Founder and CEO of Paytm Vijay Shekhar Sharma, 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.
“The company strategic holding in Nearby-Little will provide Paytm’s merchant partners an opportunity to offer deals to acquire new customers and grow their business. Additionally, Paytm will serve its large consumer base by showcasing a large number of exciting deals on its platforms”
Paytm is looking to expand its business in the digital payments ecosystem. It had earlier acquired Insider.in. This also included peer-to-peer payments, utility bill payments, travel bookings, hotels, movies and events, and e-commerce.
Paytm is trying to branch into different domains.
Earlier this month it has made an investment in Mumbai-based -startup CreditMate. CreditMate is an online lending platform focussed on the used two-wheeler market in India. Paytm aims to utilize CreditMate’s proprietary credit and asset valuation technology. It is also tied up with ICICI Bank to launch a short-term, interest-free credit line aptly called Paytm-ICICI Bank Postpaid. Thus the acquisition of Little and Nearby is yet another move to empower the deals offerings of Paytm, allowing it to further increase the breadth of its offerings