PayMango.com, new mobile marketplace for local businesses

PayMango, a one of a kind local mobile marketplace will open their doors for local merchants in Delhi very soon. Founded by IITD 2005 passouts, Gajinder Singh (former CTO of PayU India and CEO of Klickpay) and Ram Singla (former CTO of Tradus and Zomato) in October 2014, the online marketplace follows hyperlocal m-commerce model.

Hyperlocal model

The rise in smartphone users and on-demand delivery has given birth to many hyperlocal marketplaces in India. But they are mostly concentrated in the e-grocery segment such as Grofers, Peppertap, and Zopnow. That’s why PayMango stands apart as it is a marketplace that aims to bring together local traders and buyers across various product categories.

Ram Singla, Founder & CTO of PayMango shared with IndianOnlineSeller, “We are now innovating in the local commerce space to empower local businesses by building a local commerce marketplace platform which matches demand with local supply.”

Features

While speaking about the idea behind launching PayMango, Singla said, “Paymango is a horizontal mobile marketplace, which matches the demand with local supply. What this means  for consumers is that we are a gateway to discover, engage and transact over local stores, merchandise, deals, promotions & events across all categories. For a merchant, we are a hyper local sales & customer acquisition platform, with which they can acquire, interact & transact with their customers giving them the level of experience & convenience that e commerce offers, yet working in a model which they are currently accustomed to.”

Some of their key features beneficial for listed merchants are:

• get leads, engage and convert into sales and transactions
• create and  target promotions hyperlocally for organic yet efficient boost to their sales
• build customer network and increased presence on web as well as mobile
• mobile invoices, remote cashless payments made possible
• view analytics on their campaigns and customer base
• in-depth analysis of hyper local segmentation on their customer base , by crowd-sourcing the end consumer data, learning about their interests in markets, locations, categories and buying behaviour
  

Like any other hyperlocal player, PayMango too will spread one city at a time, with Gurgaon being their first operational ground. Right now they are in the process of registering stores of Gurgaon and will be beta live by the end of this month.

Future Scope

PayMango managed to raise about $1-1.5 crore in their recent round of seed funding and is looking to raise an additional $1 million in the next round. These funds are being used to put together the product and in acquisition of local supply. The company is backed by many angel investors who range from Tech & Mobile industry stalwarts, Internet/financial investors and Merger & Acquisition experts.

When asked, according to them what’s the market-size of opportunity PayMango is trying to crack, Singla disclosed, “PayMango estimate the current market opportunity of the space to 16 B (billion) USD much bigger than ecommerce, and expects this to grow to 80B (billion) USD by 2020. As more and more people jump onto the mobile internet bandwagon this will scale up very fast.”