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Paytm acquires Near.in to bolster online-to-offline play

  • Online payments and
    commerce player Paytm has acquired Near.in to give a fillip to its online-to-offline
    play, the
    Times of India said in a
    report.
  •  
  • The acquisition of
    the Gurgaon-based Near.in is in line with Paytm’s strategy to strengthen its

    • Online payments and
      commerce player Paytm has acquired Near.in to give a fillip to its online-to-offline
      play, the
      Times of India said in a
      report.
    •  
    • The acquisition of
      the Gurgaon-based Near.in is in line with Paytm’s strategy to strengthen its
      O2O play, a company executive told the newspaper. The move comes at a time when
      a number of startups in the local services market have been unable to raise
      fresh capital as investors pull back.
    •  
    • Near.in had raised
      seed funding of around Rs 2 crore from serial entrepreneurs like Anupam Mittal
      of Shaadi.com, Manish Vij of adtech firm SVG Media, Prashant Tandon (CEO) and
      Gaurav Agarwal (CTO) of Healthkart.com, and Akash Agarwal, global
      vice-president of the mobile division of enterprise software maker SAP Labs.
    •  
    • Paytm has shelled out
      $2 million to buy out Near.in and the latter’s founders Lomesh Dutta and Sunil
      Goyal will join Paytm as vice-presidents, said Kiran Vasi Reddy, senior VP
      (business), at Paytm. Near.in’s early investors will exit as part of the
      acquisition, the report said.
    •  
    • Near.in, which was
      founded a little over a year ago, provides a platform to local services, and
      connects professionals with customers looking to avail services such as makeup
      artists, dietitians, dance teachers and yoga instructors, among others.
    •  
    • “O2O is a key
      focus area for Paytm and Near.in seemed a perfect fit for us, which has a
      credible team. While funds are not easily coming to a lot of companies, making
      the right purchase is crucial. Our investments in Jugnoo and Little reflect the
      same intent as to whoever bridges the gap between online and offline
      effectively is an attractive target,” Reddy said, adding that the
      Alibaba-backed company is looking to purchase a couple more startups in this
      space.

     

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