Shopclues Acquires Mobile Payment Company Momoe
In order to provide better payment solution, Shopclues has now acquired Momoe for an undisclosed amount. With this acquisition, users of shopclues will now be able to make the payment to the merchants directly.
Although Snapdeal has declined to reveal the size of the deal, Economic Times reports it to be around $10-12 million.
Momoe is a Bangalore based startup and has its own network of users. It was incorporated in the year 2014, by a group of IIM and IIT graduates. It had earlier raised $1.2 million from IDG Ventures India and Jungle Ventures.
As per the deal; the Founders of Momoe are also joining Snapdeal at senior Management level heading different divisions of the company.Momoe provides IOS platform and has currently tied-up with more than 25 restaurants in Bangalore to make payments.
With this deal, Shopclues will join the growing list of e-commerce companies including Flipkart and Snapdeal, which have started to acquire payment gateway startups.
Shopclues claims to have more than 190 million visitors to its website every month and has over 500,000 merchants on its platform.
The money raised through this deal will be likely to be used for expanding the merchant outreach.