BUSINESS & FINANCE
Deals platforms Nearbuy, Little Internet merge operations
Deals platforms Nearbuy and Little Internet have merged their operations with Paytm picking up a majority stake in this combined entity, the financial services platform said today.
"Paytm's strategic holding in Nearbuy-Little will provide Paytm's merchant partners an opportunity to offer deals to acquire new customers and grow their business," Paytm said in a statement.
Financial details of the deal were not disclosed. Paytm was an existing investor in Little.
The deal will create India’s largest discovery and deals platform for local merchants, it said.
Existing shareholders of Nearbuy, including Sequoia India, will also become shareholders of the merged entity, it added.
Nearbuy and Little work with over 40,000 merchants across categories like food, beauty and travel.
Paytm will also showcase a large number of deals on its platforms for consumers.
"This combination of Nearbuy and Little marks a great opportunity for us to reinforce our commitment to support small and large retailers in the new age of mobile commerce and Payments," Paytm founder and CEO Vijay Shekhar Sharma said.
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