Paytm Acquires Hyper-local Marketplace Near.in

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PayTm, the baby of Vijay Shekhar Sharma, has recently announced the acquisition of the hyper-local service marketplace Near.in. The acquisition is first since the funding it got from Alibaba Group and Ant Financial which was about $680 million (approx 4500 crores).

According to Kiran Vasireddy, senior vice-president & head of investments for Paytm.

“We see enormous potential for O2O in India, which is a perfect blend of online and offline commerce. With this core belief, we have acquired Near.in and we will continue to invest more in this space. Near has a significant network of local service providers in place and a stellar team leading it. We are confident that their platform and team will add further strength to our other O2O initiatives, which is a key focus area for us,” 

How much was the acquisition costed?

Near.in’s acquisition costed around $1.5 million to $2 million and the mode of payment was cash-and-stock.

What does the company do?

The company is based on the Online-to-Offline (O2O) space and helps consumers discover service providers like plumbers, make-up and tattoo artists, etc in a specified locality. It covers several categories including health, home needs and wellness.

Why Near.in?

Paytm is looking to target Online (a multi-billion dollar industry) and offline (a multi-trillion dollar industry of India) markets through basic needs like plumbers, electricians etc.

Near.in was founded by Lomesh Dutta, Sunil Goyal and Akshay Khanna.

image : iamwire.com

Shekhar Kumar

Digital Marketing Associate at FreeKaaMaal.com
Shekhar is working as Digital Marketing Associate at FreeKaaMaal. He is a MBA graduate who loves to write on interesting topics related to Tech and online Shopping . He is always up for dessert and an interesting conversation.

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