Paytm is using its funding wisely, acquires Near.in to dominate hyperlocal marketplace

Paytm is using its funding wisely, acquires Near.in to dominate hyperlocal marketplacePaytm has acquired Gurgaon-based Near.in, which is a fast growing online-to-offline (O2O) space, in a cash and stock deal at an estimated cost between Rs 10 crore and Rs 13 crore.

O2O is a business model that uses web-based markets to attract online shoppers to participate in in-person retail consumption.

Near.in helps consumers look for service providers like plumbers, make-up and tattoo artists in a locality.

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As O2O is growing at a fast pace in India, Paytm will benefit immensely with this deal.

Reportedly, this is the first acquisition by Paytm, since it received a massive of $680 million from Alibaba Group and Ant Financial in September.

Afterwards in October, Paytm had apparently invested $10 million, or Rs 67 crore in Jugnoo, an online aggregator for auto rickshaw rides and also a hyperlocal delivery platform.

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Paytm, which competes with Flipkart and Snapdeal, has acquired PlusTxt in 2013 and MobiVite.

Paytm had set aside Rs 150 crore to acquire or invest in ventures that are building consumer facing technology that will help grow Paytm.

Paytm wants to dominate and eliminate competition from other digital recharge and payments venture.