Bangalore-based MagicTiger, a chat-based delivery startup, has acquired Zoyo, an artificial intelligence-based platform that allows users to shop over chat. The amount/transaction of the acquisition remain undisclosed however.
MagicTiger, which bought Zoyo in a cash-and-stock deal, will soon integrated Zoyo app with its platform. Essentially, Zoyo is a chat based fully automated assistant for shopping, news, restaurant discovery, etc. It suggest products based on users’ preferences.
Bengaluru-based Zoyo was founded early this year by Shashank Singla, an IIT-Delhi alumnus, and Priyanka Prakash, an alumnus of Carnegie Mellon University, as a tool to enable e-commerce transactions through chat.
MagicTiger was founded by Pratyush Prasanna (former executive of Paytm and Plustxt), Arun Kumar (ex-employee of Tutorvista and Portea) and Srinivas Anumolu. The company has been incubated by K Ganesh and wife Meena Ganesh through their startup incubator GrowthStory.
MagicTiger allows users to order groceries, food, movie tickets, travel tickets and any other service. In July this year, MagicTiger has acquired Godeliver, wherein two of Godeliver’s co-founders – Gaurav Bhaghel and Piyush Mishra, joined MagicTiger to lead technology.
“Neither a purely human-powered platform nor a completely automated approach is going to be the correct approach for a chat-based transaction platform, which is scalable,” said Pratyush Prasanna, cofounder and CEO of MagicTiger”, said Pratyush Prasanna, cofounder and CEO of MagicTiger, who was previously a vice-president at Paytm.
According to the latest report by startup data platform Tracxn, 42 hyper-local delivery startups have been funded in 2015, compared with 12 last year. Together, they have raised nearly $200 million (Rs 1,270 crore) in venture capital.