Moneycontrol
Nov 17, 2017 05:48 PM IST | Source: Moneycontrol.com

Paytm to acquire Nearbuy, Little for around $30 million: Report

Nearbuy (formerly known as Groupon India) and Little Internet provide online discount coupons for restaurants and salons, and commercial establishment deals.

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Online commerce and payments company Paytm is likely to acquire two startups — Nearbuy and Little for around USD 30 million, reports the Times of India. The deal will be a mix of cash and stock.

Nearbuy (formerly known as Groupon India) and Little Internet provide online discount coupons for restaurants and salons, and commercial establishment deals.

GIC and Paytm are the current shareholders in Little Internet that runs the app called Little. In 2015, the startup had raised USD 50 million.

Nearbuy, which separated from its parent company Groupon in 2015 - had raised USD 20 million from Sequoia Capital.

Paytm — valued at USD 7 billion — has been on an expansion spree in last two years. In July this year, it acquired majority stake in Insider.in, a ticketing platform.

In 2010, it started as an electronic payments company and has since then expanded into online retail and an online booking platform on which you can book movie and flight tickets and even make hotel and restaurant reservations.

In May 2015, Paytm also launched its payment bank. Post that, the company raised USD 1.4 billion in a round of equity infusion from SoftBank.

The mobile wallet company is targeting 100 million active chat users by March 2018 through its newly launched chat app — Inbox. In the long-run, it plans to compete with messaging apps such as Whatsapp and Hike Messenger.

Paytm currently has about 270 million overall users. The company is targeting 500 million users by 2020.
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