US-based digital payment company Wibmo Inc has bought Gurgaon-based mobile peer-to-peer (P2P) payment solution startup Mypoolin in a cash and stock deal valued above $1 million. Post this acquisition, all existing investors will get a combination of stock and cash, and Mypoolin will continue to operate as an Indian subsidiary of Wibmo, but eventually the startup will be integrated with the Wibmo. The founders will join Wibmo’s India office, reported LiveMint.
Notably in 2015, MyPoolin received $250,000 of convertible funding as a winner of Qualcomm Ventures’ QPrize competition and Accel Partners was one of the backers in that, who had also invested in Wibmo’s Series-A round in 2009, when Wibmo was called enStage. In the same year, MyPoolin had raised undisclosed amount of seed funding from Google India Managing Director Rajan Anandan and other tech entrepreneurs and investors such as Amit Ranjan, Sharad Sharma and Sunil Kalra.
Launched in 2015 by Rohit Taneja (IIT Delhi) and Ankit Singh (FMS Delhi), Mypoolin is a mobile P2P and group payments application. It utilizes UPI (Unified Payment Interface) to collect and settle daily expenses with friends. A user can also plan and pay together for use cases such as group-gifting, movies, vacations, concerts, events, and parties. The startup recently launched its chat-bot app that allows peer-to-peer payments to anyone in your contact list, which is currently active on Messenger, Slack and Telegram.
Speaking about Wibmo, the company already has a B2B presence in India and claims to work with private banks in India. The US company plans to use Mypoolin acquisition for expanding its consumer base. Wibmo offers ecommerce authentication services, online mobile payments, payment gateways, and recharge and bill payment services.
“Mypoolin is a very strong technology company in the bank account-based payment space in India. With UPI and Aadhaar-based market leading solutions in this rapidly growing segment, Mypoolin expands our offering in consumer payments and opens up some very exciting opportunities,” Wibmo CEO Govind Setlur told to a business daily.
This is second Indian startup acquisition within a span of just two days as on Monday UK-based firm Page Solutions acquired Mumbai-based blockchain startup Aetlo Tech for undisclosed amount.
Top Image – bwdisrupt.businessworld.in
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