Paytm acquires Cube26 to boost consumer engagement
today Jun 20, 2018
Paytm's parent, One97 Communications, has acquired mobile technology start up Cube26 to further strengthen its consumer engagement products.
Interestingly, Paytm rival Flipkart is one of the investors in Cube26, which works with handset manufacturers and combines its software capabilities with hardware.
Paytm, the country’s leading digital payments platform and e-commerce firm has been investing heavily on technology to acquire new customers across all its businesses and is hoping the acquisition will lead to more social engagement for Paytm services.
"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," in a statement said Madhur Deora, chief financial officer, Paytm.
Saurav Kumar, CEO & co-founder, Cube26 added, “Our team has been building tech 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 & services.”
Cube26 has customized Android OS and developed varied applications for Original Equipment Manufacturer or OEMs. It is also building a platform which will help connect local service providers and smartphone users through their local app to enable product led monetization.
Cube26 was founded in 2012 by Cornell University alumni, Saurav Kumar, Abhilekh Agarwal and Aakash Jain.
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