One97 Communications Pvt. Ltd’s Paytm has acquired Delhi-based consumer behaviour prediction and recommendation platform, Shifu, for $8 million. The 20 member team of the company (Including the founders) will join Paytm.
Shifu was founded in 2012 by Prashant Singh, Deepansh Jain and Michael Massey and was run by Signal Inc. The company was acquired by Paytm to create a more user friendly experience.
Kiran Vasireddy, senior vice-president at Paytm stated that Shifu has been quite popular as an intelligent task-managing application. By integrating their technology and behavioural modelling with Paytm app, we will be able to offer a highly intuitive and personalized experience to our users.
Shifu works on AI (Artificial Intelligence), once the app is installed it analyses your work pattern and recommends accordingly.
Kiran added that this acquisition will give further impetus to our focus on Artificial intelligence. By predicting user behaviour based on past usage, location and other data points, our platform will be able to offer relevant recommendations to our users.
Paytm has been actively investing in tech startups, but this is the first time it has tapped the AI sector. The company invested in three companies last year, including Auto aggregation service Jugnoo, LogiNext Solutions and little. It invested last in Jugnoo with $3 million. It looks like Paytm is on an acquisition spree, last month it acquired Near.in.
Paytm is currently backed by Alibaba Group, Sapphire Venture, SAIF Ventures and the Silicon Valley Bank.
One97 Communications Pvt. Ltd is a company by Vijay Shekhar Sharma, who is the founder/co founder of four different companies (Edukart, One97 Communications and Video Pind). Also is among the 11 recipients of a payment bank licence from the Reserve Bank of India.