Working towards building its payment arm!

ShopClues.com thinks of creating a payments business. Likewise, the online bazaar wants to expand its footprint in South India. Therefore, ShopClues.com recently acquired a Bengaluru-based startup, Momoe.

What’s so special about Momoe?

Bengaluru-based Momoe is a two year old startup that enables people to pay on their mobile phones. Momoe is a location aware smart phone app. This app is available for Android as well as iOS. People can pay on Momoe with their existing credit cards & debit cards. Currently, this startup operates in Pune and Bangalore.

About the Deal

As per news reports, the deal is finalized for $10-12 million. And the payment is expected to be made in cash as well as stock.

How will Momoe investors profit?

Previously, Momoe received $1.2 million funding. India Quotient, IDG Ventures India and Jungle Ventures were the ones who invested. They will soon get cash and stock in ShopClues as a part of the transaction

Post-acquisition story

Momoe was founded by a group of five, namely: Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam, and Aiman Ashraf. They will soon join the senior management team of ShopClues across diverse functions like design, corporate development and technology.

How will Shopclues benefit?

Momoe’s technology will help ShopClues build payments solutions for its base of over 5, 00,000 merchants, who can use it for not only online transactions but offline payments as well.This might surely make ShopClues.com and those associated with it happy.

Takeaways:-

• com acquires Momoe to build payment business and expand its footprint in South India.
• As per news reports, the deal is finalized for $10-12 million. And the payment is expected to be made in cash as well as stock.
• Momoe founders will soon join the senior management team of ShopClues.com.