Nowfloats Acquires Lookup, A Chat Based Commerce Platform
Who acquires whom?
Hyderabad-based tech start-up, NowFloats that helps business companies to go online and be more recognizable is acquiring Bengaluru-based commerce chat startup, Lookup, for stocks and cash. Lookup connects customers to the nearby stores via text message on android as well as iOS platforms. Lookup was founded in the November 2015, by a group of investors which includes Twitter co-founder, Biz Stone; Vinod Khosla; Infosy’s NR Narayana Murthy and Kris Gopalakrishnan amongst the others.
How will the acquisition help?
The co-founders of the both the startups believe that the acquisition will be an advantage to NowFloats by bringing colloquy consumer edge to its organization and by expanding its already existing database of near 250,000 online businesses by 90,000 more.
More about Lookup
Lookup also allows customer to book reservations, appointments and discover prices at local shops over chat. With the help of this acquisition NowFloats will get access to over 1.2 million Lookup registered users, particularly in cities like Bengaluru, Mumbai, Delhi and Pune. However both the companies haven’t revealed any amount. The only strategic advisor to NowFloats for this acquisition was RainMaker Group. Deepak Ravindran, co-founder of Lookup, said that the company has secured $3 million in its last round and has nearly 1.2 million users. Lookup has secured $382,000 in seed funding from investors including Infosys’s Kris Gopalakrishnan,Teru Sato, DeNA and MKS Group.
Takeaways:-
- Hyderabad-based tech start-up, NowFloats is acquiring Bengaluru-based commerce chat startup, Lookup.
- Lookup also allows customer to book reservations, appointments and discover prices at local shops over chat.
- NowFloats will get access to over 1.2 million Lookup registered users, particularly in Bengaluru, Mumbai, Delhi and Pune.
- Lookup has secured $382,000 in seed funding from investors including Infosys’s Kris Gopalakrishnan, Teru Sato, DeNA and MKS Group.
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