Gurgaon-based online marketplace ShopClues has acquired Bengaluru-based mobile payments platform Momoe, in a bid to build its payments business. The company did not disclose the financial details of the deal.
"The ever-increasing Internet penetration and adoption of smartphones in India has created a ready ground for an app like Momoe to flourish. As a mobile payments app, Momoe allows users to pay offline merchants like restaurants, grocery stores, electronics, pharmacies, spas, salons etc. Using the app, customers can pay for products and services using credit cards, debit cards, net banking and mobile wallets," the company said in a press release on Friday.
"Thanks to this acquisition, the portal will now use Momoe's technology to boost its payment network for merchants and will look to tie this in its hyper local commerce business," it added.
Founded by Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf, Momoe had raised $1.2 million in seed funding in December 2014 from three investors - IDG Ventures, Jungle Ventures and India Quotient and is planning to build emerging payment methods such as IMPS and UPI to bring a hassle free shopping experience to consumers.
"We will continue our focus on innovative merchant solutions, extending our payments proposition to a broader array of merchant services for online and offline commerce," Utkarsh Biradar, CEO, Momoe said, commenting on the development.
Earlier in the month, ShopClues had announced that it has grown to half a million sellers on its platform. The company had about 300,000 sellers in 2015, which has now grown to 500,000. It is targeting 1 million sellers by the end of this year on its platform.