Mobile payment platform, Paytm has acquired hyperlocal services portal Near.in in a cash and stock deal to make even stronger presence in online to offline market. The financial terms of the deal has not been disclosed. The deal has come up in a time, where lots of local services startups have failed to raise fresh funds.
The Noida based eCommerce platform has given $2 Million for acquisition of Near.in, reports TOI. With this deal, entire team of Near.in will join Paytm. The founder of Near.in Sunil Goyal and Lomesh Dutta will join the company as vice presidents.
Near.in was founded by Sunil Goyal, Lomesh Dutta and Akshay Khanna in 2014. The startup allows its users to find service provider in their neighborhood. The company provides services in more than 100 categories including home needs, health and wellness.
As of now, the startup has listed more than 2,200 service providers on its platform. The hyperlocal service provider is competing with some well funded companies like Housejoy and UrbanClap. The startup is also competing with some other companies that offer some specific services like beauty and laundry.
Senior VP of Paytm, Kiran Vasi reddy said, “online-to-offline (O2O) is a focus area for Paytm. Local commerce has massive potential in India, and this acquisition will help us grow the business even further. This is a new category for us. All the companies acquired by us till date, have had a strong presence in the O2O space. This business is still a blue ocean for us.”
Earlier, Paytm had acquired mobile marketing platform MobiVite and cross messaging platform PlusTxt. In addition to these, the mobile payment startup has also invested in several startups like Jugnoo and logistics analytics firm LogiNext.