wordpress blog stats
Connect with us

Hi, what are you looking for?

Shopclues buys a payments company just like its competitors

cc-visa-digital-payments

Ecommerce marketplace ShopClues has acquired Bangalore-based mobile payments company Momoe for an undisclosed amount. The acquisition will allow ShopClues to upgrade its payment network for merchants and will give it access to a semi-closed wallet license, while it looks to expand into the hyperlocal commerce business. ShopClues will now accept payments directly from users to merchants using Momoe, as both users and sellers will have access to the payments platform.

With this acquisition, ShopClues follows what its competitors had done before:

In April Flipkart had bought payments company PhonePe. This was Flipkart’s third acquisition in the payments space. In September 2015, it acquired majority stake for Rs 45.4 crore in FX Mart, which holds a prepaid payments instrument license from RBI.

Flipkart had acquired 65.71% stake in mobile payments platform ngpay in December 2014, which was set up in Singapore. While, in April 2015, Snapdeal had acquired online recharge and couponing site Freecharge for about $450 million (Rs 2,800 crore), which made it the biggest such deal in the Indian consumer internet industry at that time.

Momoe was founded in April 2014, by Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf , the app offers loyalty rewards, event tickets and personalized offers to users. It makes a profit via a cut from merchants for each transactions. In February last year, the company had raised $1.2 million in a round of funding led by IDG Ventures India and Jungle Ventures, with participation from India Quotient, At that time, the company said it will use the funds to expand its team as well as to reach 500 merchants outlets.

Advertisement. Scroll to continue reading.

Momoe currently offers an app for iOS and Android, which enables people to make payments using their smartphone when eating out, shopping or commuting. The solution worked with over 25 restaurants in Bangalore at the time of funding, including SouthIndies, Opus, Prost, Mezzeh and Brewsky among others.

ShopClues Funding: In January, Shopclues had raised $100 million in a series E round of funding  led by sovereign wealth fund GIC, and participation from existing investors Tiger Global and Nexus Venture Partners. With this funding, ShopClues was valued at $1.1 billion. At that time, it claimed to have over 5 crore products, attracting more than 190 million visits a month. The company claims to have over 4 lakh registered SME merchants.

Image credits: Flickr user Fosforix under CC BY-ND 2.0

Written By

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

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

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...

Advert

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...

News

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...

News

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
Name:*
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