Paytm’s parent One97 Communications Ltd has acquired Delhi-based technology startup Cube26 for an undisclosed amount.
Cube26 develops customized Android OS for Original Equipment Manufacturer (OEMs). The company is currently building a platform between local service providers and smartphone users through their local app and game store to enable product led monetization. Founded in 2012, by Saurav Kumar, Abhilekh Agarwal and Aakash Jain, Cube26 had an IoT device business earlier. It had launched its first IoT product -smart bulb- under the brand IOTA in November 2015. It then introduced a new IoT brand called Reos in August 2016, under which it launched a suite of smartphone apps and also relaunched it smart bulb as Reos Lite. However, Cube26 later shut down its IoT businesses. Note that Cube26 is had received seed funding of Rs 50 crore seed funding from Tiger Global Management and Flipkart.
As part of the deal, Cube26’s team will join Paytm’s team and will help the company in adding more social engagement features to Paytm’s products and services and to build a more feature-rich mobile experience.
Paytm recently added a host of new features such as in-app Live TV, News, Cricket, Entertainment Videos and Games to its in-app messaging service ‘Inbox’. The company have partnered with several content providers to offer infotainment to its users. In its blog, Paytm said that it will continue to add more offerings to its portfolio.
Paytm announced new services on its in-app Inbox, which it says has 120 million active users, reported Mint. Now, Inbox will stream live TV, news, and entertainment videos and offer more games. It was originally launched in November 2017 primarily for messaging and exchange money. Inbox did originally offer cricket and trivia games with its launch last year.
Paytm Inbox, which was launched in November 2017, apparently has 120 million active users. To put this in perspective, WhatsApp, which is solely a messaging app launched in the country nine years ago, has about 200 million monthly users.
Paytm’s recent acquisitions
In May, the fintech company acquired Orbgen Technologies Private Limited, the entity that operates TicketNew, a Chennai-based online ticketing platform. Various media reports suggest that the deal is valued at $40 million. While announcing the deal, Paytm’s CFO Madhur Deora had said that the company is on a mission to be the one-stop destination for all movie and entertainment ticketing needs.
In December 2017, Paytm acquired hyperlocal deals marketplaces Little and Nearbuy with majority shares and merged them into one entity to create discovery and deals platform. Earlier in July 2017, Paytm acquired a majority stake in Only Much Louder’s (OML) online event ticketing platform Insider.in for Rs 35 crore.