Sat, Oct 29, 2016 | updated 04:58 AM IST

ShopClues closes acquisition of mobile payments app, Momoe

Updated: Jul 16, 2016 14:59 IST

New Delhi, July 16 (ANI): India's first and largest managed marketplace ShopClues announced acquiring of Bengaluru-based mobile payments platform, Momoe.

The development is a successful culmination of ShopClues' plans of bringing innovative digital payments for its merchants and customers on its platform.

The portal will now use Momoe's technology to boost its payment network for merchants and will look to tie this in its hyper-local commerce business.

The ever-increasing Internet penetration and adoption of smartphones in India has created a ready ground for an app like Momoe to flourish. As a mobile payments app, Momoe allows users to pay offline merchants like restaurants, grocery stores, electronics, pharmacies, spas, salons and the like.

Using the app, customers can pay for products and services using credit cards, debit cards, net banking and mobile wallets.

Founded by Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf, the venture had raised USD 1.2 million in seed funding in December 2014 from three investors - IDG Ventures, Jungle Ventures and India Quotient.

Momoe was first in the offline payments space by providing a cashless shopping, commuting and eating out experience to their users.

"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," said CEO and Co-founder ShopClues, Sanjay Sethi.

"ShopClues is just the right anchor for expanding our digital payments proposition. We see natural synergies since Shopclues is a pure marketplace model with a strong focus on merchants and consumer segments that significantly overlap with Momoe," said CEO Momoe, Utkarsh Biradar.

"We will continue our focus on innovative merchant solutions, extending our payments proposition to a broader array of merchant services for online and offline commerce. WE will also build on emerging payment methods such as IMPS and UPI to bring a hassle free shopping experience to consumers," added Utkarsh Biradar.

Momoe's introduction on the platform will further ease the interaction between the vendors on the app and the consumers who will now be able to shop by relying on a payment option that best suits them. (ANI)