wordpress blog stats
Connect with us

Hi, what are you looking for?

Paytm acquires services marketplace Near.in for $2M


Paytm has acquired Gurgaon-based services marketplace Near.in for $2 million, reports the Times of India. Near.in co-founders Lomesh Dutta and Suni Goyal will join Paytm as vice presidents, while Near.in’s early investors will exit the company.

Near.in had raised Rs 1.8 crore from a series of individual investors including Manish Vij of SVG Media and Anupam Mittal of Shaadi.com in January this year, only a month after its launch in December last year. It currently provides services like home needs (repair, pest control, laundry etc.), wellness (salon services, makeup, dietician, pet care etc.), classes, events, rentals (laptops, tablets etc.), and other services like visa assistance. As of now, the company provides its services in Delhi, Gurgaon, Bangalore and Mumbai.

This isn’t Paytm’s first investment in a online-to-offline service; it previously invested an undisclosed amount in the hyperlocal delivery and auto rickshaw hailing app Jugnoo last month, and had participated in a $50 million funding round for establishing an online to offline app-only marketplace called Little in July.

Paytm’s entry into hyperlocal services:

Note that Paytm, which raised an undisclosed amount in fresh funding from Alibaba and Ant Financial in September, was set to enter the hyperlocal services vertical, starting with food ordering, table bookings, cinema tickets and deals in the user’s neighbourhood. The company had mentioned that it has entered into partnership with companies like BookMyShow and Zomato to provide these services. The Near.in acquisition should help the company expand to other hyperlocal services as well.

Advertisement. Scroll to continue reading.

Other developments:

– Last week, Paytm partnered with ICICI Bank to launch virtual prepaid cards, that can be used by wallet users at both offline and online stores for purchases. Read more here. In October, it started allowing wallet top ups at at Bank of Maharashtra ATMs.

– In November, MediaNama reported that Paytm was pushing its users to update their KYC (know your customers) details with them to increase their wallet limit to Rs 1 lakh. The same month, it partnered with Lendingkart to offer loans to sellers.

– In August, Paytm claimed that it crossed 100 million users and was carrying out 75 million transactions every month.

Also read: Vijay Shekhar Sharma’s Reddit AMA: Dominance is Paytm’s short term aim, not profits

Our Paytm coverage here.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.


Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.


Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.


The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.


For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ