Indian online shopping marketplace ShopClues has acquired Bangalore-based mobile payments platform Momoe Technologies for an undisclosed amount in a bid to build its payments business.
Mobile payments platform Momoe allows customers to pay for products and services using credit cards, debit cards, net banking and mobile wallets.
As a part of the transaction, Momoe’s three investors – India Quotient, IDG Ventures India and Jungle Ventures –will get both cash and stock in ShopClues.
All five Momoe founders Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf will join ShopClues in senior management positions.
ShopClues CEO and co-founder Sanjay Sethi: "In Momoe's team we found the right technological and ideological match to take us much closer to our vision of making our consumer payments frictionless and providing our merchant's with mobile banking solutions to digitize their businesses."
ShopClues intends to use Momoe’s technology to boost its payment network for merchants and will look to tie this in its hyperlocal commerce business.
The takeover deal is in sync with ShopClues’ inclusion of a chat feature ‘ShopClues Connect’ that enables consumers to connect directly with merchants on the platform, the e-tailer said in a press statement.