Paytm’ majority stake in Nearbuy-Little combine
Deals platforms Nearbuy and Little Internet have merged their operations with Paytm picking up a majority stake in the combined entity, the financial services platform said on Thursday. While the companies declined to offer details about the deal, multiple sources said Paytm has invested $25 million (over Rs 161.45 crore) and will hold 51 per cent stake in the joint entity. The sources added that founders of Little - Manish Chopra and Satish Mani - will exit following the merger.
The entities are expected to clock cumulative revenues of under $100 million by March, 2018, they said. The sources did not wish to be identified as the deal is private. Paytm, which was an investor in Little, declined to comment on the matter. In a statement issued on Thursday, Paytm said: “Paytm’s strategic holding in Nearbuy-Little will provide our merchant partners an opportunity to offer deals to acquire new customers and grow their business.”
It added that the deal will create India’s largest discovery and deals platform for local merchants.
Also, existing shareholders of Nearbuy, including Sequoia India, will also become shareholders of the merged entity that will work with over 40,000 merchants across categories like food, beauty and travel. Besides, Paytm will also showcase a large number of these deals on its platforms for consumers at a later stage. “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, CEO Vijay Shekhar Sharma said.
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