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

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

Paytm said that this is it's first buyout since the firm secured a massive $680 million funding from Alibaba Group and its affiliate Ant Financial.

The acquisition of the Gurgaon based start-up Near.in, is considered as a strategic move by Paytm to boost its online-to-offline play.  (Photo: Reuters) The acquisition of the Gurgaon based start-up Near.in, is considered as a strategic move by Paytm to boost its online-to-offline play. (Photo: Reuters)

Paytm has acquired Near.in, an online marketplace for hyper-local services in a cash and stock deal, estimated at between $1.5 million-$2 million (Rs 10 crore-Rs 13 crore), according to a report published in The Economic Times.

The acquisition of the Gurgaon based start-up Near.in, is considered as a strategic move by Paytm to boost its online-to-offline play.

Paytm, which competes with the likes of Flipkart and Snapdeal, said that this is the company's first acquisition since the firm secured a massive $680 million (nearly Rs 4,549.88 crore) funding from Chinese e-commerce giant Alibaba Group and its affiliate Ant Financial .

Near.in, which was founded a little over a year ago by Sunil Goyal, Lomesh Dutta and Akshay Khanna, provides services like home repairs, appliance repair and pest control. It also helps customers find music classes, yoga classes and salon services among others.

The start-up in the online-to-offline space, currently offers over 100 categories of local services. It competes with well-funded bigger players like UrbanClap and Housejoy, besides a bunch of vertical marketplaces offering specific services like beauty and laundry.