Paytm:Mobile Payments Platform, Acquires Local Services Startup for About $2Million

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Paytm has acquired local services startup for $2 million to strengthen its online-to-offline commerce strategy. Founded in December 2014,’s website and app connects users in four cities (Delhi, Gurgaon, Bengaluru, and Mumbai) with a wide array of verified businesses ranging from home repair to fortune tellers. This is Paytm’s first acquisition since it was founded in 2010.
Based in New Delhi, Paytm has raised about $700 million in funding so far from investors including Chinese e-commerce giant Alibaba. The company claims it already processes more than 100 million online transactions a month, but it’s also been busy building new verticals.
In the past two months, Paytm has invested in Jugnoo, a startup that uses rickshaws to make deliveries from local businesses, and announced partnerships with BookMyShow and Zomato to offer services like food deliveries, restaurant reservations, and movie tickets. Before that, it also led a $50 million round in Little, a startup that helps people find deals at brick-and-mortar businesses near them.
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