Ecommerce marketplace, Paytm aimed big during the recent festive sales. It was further boosted by the start of the Indian wedding season. Its strength lies in the fact it still possesses the competencies of a mobile wallet and also a marketplace that can compete with the likes of Flipkart, Snapdeal and Amazon. Its major funding from ecommerce giant Alibaba, has allowed it to make strategic takeovers like the recent acquisition of near.in.
In a move to improve its customer experience, Paytm has now dipped into its massive finances to acquire Shifu for $8 million. Shifu is a consumer behaviour prediction portal that does extensive data mining to generate personalised suggestions and predictions. The Shifu company is based in New Delhi and its whole 20 strong team will be absorbed by Paytm, along with its 3 co-founders.
Shifu’s platform mines a person’s smartphone for:
- Usage data
“Shifu’s data and tools to predict consumer preferences and behaviour are very useful for a company like ours. We can serve a consumer in a more personalized and intimate way. Consumers are happy when they get customized service. It will also help Paytm to strategize better. Ventures in O2O (offline-to-online) and last-mile delivery, and platforms that can solve consumer problems are on our radar,” said Kiran Vasi Reddy, senior vice-president (business), Paytm.