Paytm, one of the major digital payment platforms in India is currently engaged in talks to acquire two popular deals platforms – Nearbuy and Little, as per media reports. Both of these platforms offer discount deals to restaurants, salons and other establishments. If Paytm is successful in striking a deal with these two platforms, it will help in establishing a strong hold in the hyperlocal space.
As per the media report, Paytm is all set on its expansion plan and has been active in this arena for past two years. Operated by One97 Communications Pvt. Ltd, Paytm is being backed by the Alibaba that lets users book movies, make reservations for hotels and travel.
People Matters approached Ankur Warikoo , Co-founder and CEO of Nearbuy to know more on this development but he refused to give any comments.
Almost a year back in September 2016, as reported by People Matters, Paytm purchased education technology startup Edukart. It was absorbed into Paytm as it failed to raise subsequent funding to keep it operations up and running. This purchase was also being called ‘aquihire’—or buying out a company primarily for the skills and expertise of its staff and brought in 50 employees from Edukart within its fold.
Also in August 2016, Paytm, the online payment and e-commerce firm raised $300 million from a group of Investors led by MediaTek Inc. According to the report by the World Street Journal, with this addition Paytm’s investment values had gone up from $2.5 billion to $5 billion in 2016 and MediaTek’s contribution has amounted to $60 million.