Paytm to pick up Little and Nearbuy
Paytm is currently participating in talks over acquiring two of India’s highest-funded daily-deals sites, Little and Nearbuy, for a sum of around 200 crore rupees (approximately 30 million dollars).
Paytm is currently pursuing an online to offline (O2O) model which aims to link online spending with offline purchases. As part of their plan to achieve this, the business is currently negotiating the purchase of two daily-deals sites which would strengthen their O2O link. The two sites, Little and Nearbuy, offer vouchers and deals for various sectors of the market such as spas, salons, movies, gyms, hotels, and restaurants.
Paytm are reportedly buying the two businesses with a mixture of cash and stock exchanges, although the deal is not yet finalised. Both of the sites Paytm is trying to acquire have received large injections of funds. Little Internet, the owner of the Little app, received around 333 crore rupees (approximately 50 million dollars) in 2015 and now GIC and Paytm are the business’ two main shareholders. Nearbuy, which is based in Gurgaon, broke away from its parent company Groupon India in 2015 and Sequoia Capital has invested around 133 crore rupees (approximately 20 million dollars) in the company. Paytm has earmarked 250 crore rupees (approximately 37.5 million dollars) for investment into its deals business and so daily-deals could soon be a large part of their O2O strategy.
Copyright © 2021 FashionNetwork.com All rights reserved.