DealWire: ShopClues To Acquire Mobile Payments Startup Momoe Technologies

ShopClues is reportedly in talks to acquire mobile payments startup, Momoe Technologies for $10-12 million, mostly in stock. Post acquisition, ShopClues will use Momoe’s technology to strengthen its payment network for merchants on its platform as well as further integrate with its hyperlocal commerce business that it started in August 2015.

Founded in April 2014 by Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf, Bangalore-based Momoe’s app enables people to make payments using their mobile phones while dining out, shopping or commuting.

Unlike Paytm and Mobikwik, which facilitate cashless payments with a virtual wallet, Momoe’s app works by linking credit cards and debit cards and through net banking and has tied up with over 3,000 brick-and-mortar merchants in Bangalore and Pune.

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