Paytm has acquired Gurgaon-based Close to.in, which is a quick rising online-to-offline (O2O) area, in a money and inventory deal at an estimated price between Rs 10 crore and Rs 13 crore.
O2O is a enterprise mannequin that makes use of web-based markets to draw web shoppers to take part in in-person retail consumption.
Close to.in helps shoppers search for service suppliers like plumbers, make-up and tattoo artists in a locality.
Commercial
As O2O is rising at a quick tempo in India, Paytm will profit immensely with this deal.
Reportedly, that is the primary acquisition by Paytm, because it obtained a large of $680 million from Alibaba Group and Ant Monetary in September.
Afterwards in October, Paytm had apparently invested $10 million, or Rs 67 crore in Jugnoo, an internet aggregator for auto rickshaw rides and in addition a hyperlocal supply platform.
Paytm, which competes with Flipkart and Snapdeal, has acquired PlusTxt in 2013 and MobiVite.
Paytm had put aside Rs 150 crore to amass or put money into ventures which might be constructing shopper going through know-how that can assist develop Paytm.
Paytm needs to dominate and remove competitors from different digital recharge and funds enterprise.
