ShopClues, Indian eCommerce platform seems to be in talks to acquire Momoe technologies, another Indian startup in Mobile Payments domain. The deal is expected to be of worth $10-12 Million of cash and stocks.
ShopClues has been one of the leading eCommerce portals in India for the electronic goods and it seems that the company is all set to strengthen the payment ecosystem with the help of the latest acquisition. ShopClues might use the acquired technology to improve them payment system inside its platform as well as for the hyper-local bit it launched last year.
Momoe technologies was founded in April 2014, it links your credit card, debit card and net banking accounts to the mobile app and it lets you pay at any merchant location using the same mobile solution. Unlike other cashless payment service providers, it does not ask you to add any money to the wallet and works realtime, making it reliable and comparatively faster to use. Till date, the startup has tied up with over 3000 merchants in cities like Bangalore and Pune.
More details on this development are still awaited, we will keep you updated on the same.