mCommerce player Paytm has acquired on-demand hyperlocal home services provider Near.in in a cash and stock deal. The acquisition is considered as a strategic move by Paytm to bolster its O2O game.
No financial details of the acquisition have been officially released by either of the companies. However, according to sources, the deal is estimated to be between $1.5 million to $2 million.
Founded by Sunil Goyal and Lomesh Dutta, Gurgaon-based Near.in which helps users to discover home service professionals in their vicinity, had secured Rs1.8 crore from Anupam Mittal of Shaadi.com, Manish Vij of SVG Media, Healthkart CEO Prashant Tandon and CTO Gaurav Agarwal and others in the month of January this year.
As per this deal, the founders will be joining Paytm. However, the investors will take an exit.
Commenting on this move, Kiran Vasi Reddy, senior VP (Business), at Paytm said, “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 also confirmed that the Alibaba-backed company is looking to purchase a couple more startups in this space, reports TOI.
Near.in which offers over 100 categories of local services competes with well-funded players like UrbanClap and Housejoy, besides a bunch of vertical marketplaces offering specific services like beauty and laundry.