Paytm acquires Tiger Global-backed technology firm Cube26

One97 Communications, which owns payments firm Paytm, on Tuesday said it has acquired Tiger Global-backed technology startup Cube26.

After the deal goes through, Cube26's team will join Paytm. The companies did not disclose the financial details of the deal.

"We are focused on building a more immersive and feature rich mobile experience for our large active user-base. With this acquisition,the Cube26 team will work with the Paytm team to add more social engagement features to our products and services,"  Madhur Deora, Chief Financial Officer, Paytm, said in a statement.

Paytm has been building social media products and content focused on consumer engagement. This acquisition will help the company in this segment.

"Our team has been building technology products that are used by millions of users. I believe our diversified experience in creating smarter products across software and hardware segment will help add value to Paytm and to several of its products and services," said Saurav Kumar, Chief Executive Officer and Co-founder, Cube26.

Cube26 has customized Android OS and developed varied applications for original equipment manufacturers. The company counts Tiger Global and Flipkart as its investors.

This is Paytm's second acquisition in recent times. Only last month, it announced its acquisition of Alibaba-backed ticketing firm TicketNew for an undisclosed amount.