Indian electronic payment and e-commerce brand Paytm has reportedly acquired online marketplace platform Little and Nearbuy, the company announced on Wednesday.
It was reported that the merger is expected to be valued at about $100 million with a fresh capital infusion of $25 million by Paytm.
Ankur Warikoo, Nearbuy’s CEO said in a statement, “In the local commerce space, Little Internet and Nearbuy combined will own 88% of the market share”.
It was further added, “There are around half-a-million merchants in the organised retail space, which we would like to bring on our platform”.
Sources said that the existing stakeholders of Nearbuy will also become the shareholders of the merged entity.
It was learned that the online marketplace platform Nearbuy and Little work with over 40,000 small and large merchants across beauty, travel, beauty and other categories.
Paytm will hold around 50% in the merger.
While commenting on the merger, Vijay Shekhar Sharma, CEO, Paytm, said in a statement, “Paytm’s goal is to provide its base of over five million merchants, tools to expand their business and to offer its customers the opportunity to buy all categories of digital and physical goods”.