A couple of months backed we reported that PayTM is planning to acquire Bengaluru based deal discovery app Little. Now, the Softbank backed and Vijay Shekhar Sharma-led PayTM is all set to acquire not just one but two online coupon startups — Nearbuy (formerly Groupon) and Bangalore based Little Internet, in a what could be seen as distress sale, reported Times of India.
Nearbuy (formerly known as Groupon India) and Little Internet provide online discount coupons for restaurants and salons, and commercial establishment deals. Both the startups have together raised more than $80 million and now being acquired for around $30 million in a mix of cash and stocks deal, said the report quoting the people familiar with the matter.
Singapore based GIC and Paytm are the current shareholders in Little Internet that runs the app called Little. In 2015, the startup had raised USD 50 million.
Gurugram based Nearbuy, which separated from its parent company Groupon in 2015 – had raised USD 20 million from Sequoia Capital.
Notably, Paytm is betting on its online-to-offline (O2O) model, wants to bulk up this vertical with these platforms coming into its fold.
According to the sources, the two acquisitions have closed with the paperwork and other formalities being worked out. It should be made official in another three to four weeks.
To recall, in July this year, PayTM had acquired majority stake in Insider.in, a ticketing platform, for reportedly around ₹35 Crore.