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Dec 07, 2017 11:31 AM IST | Source: Moneycontrol.com

Paytm acquires Nearbuy and Little; Sequoia key player post deal

Paytm would likely benefit from the vast network merchant partnerships of both Nearby and Little as well as a larger potential customer base.

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Paytm In May this year, SoftBank completed its then biggest investment in India when it pumped USD 1.4 billion in Paytm. Paytm is the largest e-wallet service in the country and has been expanding into e-commerce and payments banking.
Paytm In May this year, SoftBank completed its then biggest investment in India when it pumped USD 1.4 billion in Paytm. Paytm is the largest e-wallet service in the country and has been expanding into e-commerce and payments banking.

Paytm took over the ownership of Nearbuy and Little on Wednesday, two coupon and deals platforms on food and other commercial outlets.

Paytm said in a statement that it made a “strategic” investment in the two companies and took a majority stake.

Mint report states that Sequoia Capital India is still a key in Nearbuy stakeholder after its acquisition. Earlier, it acquired a large stake in Nearbuy, formerly Groupon India. The report stated that Paytm did not reply on whether it bought out Sequoia from its investment.

Little app was launched in 2015 with an initial backing from Paytm, to scout for opportunities in the hyperlocal deals business.

Vijay Shekhar Sharma, founder and CEO of Paytm, 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 report states that Paytm would likely benefit from the vast network merchant partnerships of both Nearbuy and Little as well as a larger potential customer base.

The company also plans to cross-sell deals by Paytm merchants on Nearbuy as well as Little.

“Paytm’s strategic holding in Nearbuy-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,” the company said.

Paytm has been looking to expand its current outreach 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.
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