E-commerce marketplace ShopClues has acquired Bengaluru-based mobile payments platform Momoe for an undisclosed amount. The portal will now use Momoe’s technology to boost its payment network for merchants and will look to tie this into its hyperlocal commerce business.
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As a mobile payments app, Momoe allows users to pay offline merchants like restaurants, grocery stores, pharmacies, spas and salons. Using the app, customers can pay for products and services using credit cards, debit cards, net banking and mobile wallets.
Utkarsh Biradar, CEO, Momoe said, “We see natural synergies since Shopclues is a pure marketplace model with a strong focus on merchants and consumer segments that significantly overlap with Momoe. We will also build on emerging payment methods such as IMPS and UPI to bring a hassle free shopping experience to consumers.”
Founded by Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf, Momoe had raised $1.2 million in seed funding in December 2014 from IDG Ventures, Jungle Ventures and India Quotient.
