California based marketing platform vMobo acquires fintech startup Binge

By : |October 18, 2016 0

Bangalore-based fintech startup Binge has been acquired by California-based marketing firm vMobo at the former’s valuation of $3.5 million, according to ETtech. The deal will result in vMobo acquiring Binge’s technology, partnerships, and team.

Binge, that was founded by Ajay Joseph, Santosh Martin, Christopher Lopez, and Shankar Sukurutraj runs an app to aggregate mobile wallets for restaurant bill payments. Binge was also amongst the top 10 startups of the Reliance & Microsoft accelerator’s GenNext Innovation hub’s fall 2015 batch.

“Binge, earlier owned by Noroc Solutions, will not exist as a brand, and its 25,000 users will have to download the VClusive app, which also has the integrated wallet with the same wallet partners from Binge such as Paytm and MobiKwik,” said Santosh Martin, co-founder, Binge.

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The purchase also includes a merger with Mumbai-based styling startup Dapper Don which led to the launch of a network marketplace of about 120 brands, called VClusive, over the weekend. VClusive will have brands ranging across lifestyle and fashion products, including services in the beauty, wellness, food, and beverages sector.

“There was no luxury marketplace that was targeting high earning individuals who purchase affordable and accessible luxury items. Our target customers include those who have a disposable income of INR 10 Lakh or more in a year. This integration helps us solve the problem of the customer-facing, point-of-sale experience by providing a last-mile payment option,” said Vinu Sundaresan, CEO, vMobo on the acquisition.

vMobo is an interactive direct marketing company with multi-brand rewards and privilege program that allows merchants to acquire, retain, and engage customers by leveraging standard program features such as cross-merchant promotions, as well as their own custom campaigns.

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