ShopClues to acquire Momoe to strengthen digital payments

By : |July 15, 2016 0

Online shopping platform ShopClues is all set to acquire mobile payments startup Momoe in a cash and stock deal. ShopClues will integrate Momoe’s payment gateway on its platform to strengthen its digital payments.

Momoe, which received $1.2 million from IDG Ventures in its latest round of funding, is being valued at $10-$12 million. With this acquisition, ShopClues will also be able to expand its presence in Bengaluru. All of Momoe’s founders will be joining the ShopClues senior management in various avenues, including, technology.

CIOL ShopClues to acquire Momoe to strengthen digital payments

Momoe offers a unique cashless payment system. While PayTm and others offer a mobile wallet wherein you’re required to deposit money through credit/debit cards, Momoe allows you to use your cards directly by storing in all necessary details. Momoe also allows users to view their live bills at brick & mortar outlets like restaurants, grocery stores etc. and check out at their convenience without having to wait for their bills. On the merchant side, Momoe provides insights on consumer preferences and being able to reach out to consumers with right offers that their customers would value.

The merchant side benefit will help ShopClues initiate its own semi pay wallet service for merchants.
“Momoe comes with a working merchant base, PCI compliance which would have taken us 8-12 months to obtain and banking relationships. Building a payments business requires a different DNA,” ShopClues CEO Sanjay Sethi said.

ShopClues wants to extend its 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,” Momoe CEO Utkarsh Biradar said.

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