Online marketplace platform ShopClues.com announced the acquisition of Bengaluru based mobile payments firm Momoe Technologies to add a payment service to its business portfolio.
The deal size is projected to be at $10-12 million, paid both in cash and stock. The deal will also help ShopClues to establish an office in the startup capital and all five Momoe founders are expected to join its senior management team across functions like design, corporate development and technology. The deal will also help ShopClues to start a semi-closed wallet and solutions for merchants.
In September ShopClues launched a chat feature ShopClues Connect for consumers to directly interact with sellers, with Momoe’s technology it would further strengthen the platform and ease transactions.
Sanjay Sethi, chief executive officer and co-founder of ShopClues stated, “In Momoe’s team, we found the right technological and ideological match to take us much closer to our vision of making our consumer payments frictionless and providing our merchants with mobile banking solutions to digitize their businesses.”
Momoe, as a mobile payment app allows users to pay offline merchants like restaurants, grocery stores, electronics, pharmacies, spas and salons. Using the app, customers can pay for products and services using credit cards, debit cards, net banking and mobile wallets.
In the race of e-commerce, biggies like Flipkart, Amazon, Snapdeal, E-bay, Shopclues all are trying to be the best and provide the best experience to their consumers. Browsing experience, competitive pricing of product and service, convenient forward and reverse logistics are some of the major factors to decide the position in race. While all the e-commerce players are trying to incorporate the maximum possible features, it would be interesting to see the next level of integration of technology in e-commerce domain.