Ecommerce marketplace, ShopClues is set to take a step into the world of online payments space, as it is reportedly acquiring Momoe Technologies. The deal could be worth as much as $15 million. Its understood Momoe’s 40 employees will be absorbed into ShopClues’ team.
What do we know about Momoe?
- Founded in Bengaluru in 2014
- In February 2015 it raised $1.2 mn in funds
- Provides payment services for offline sellers
- Has 4,000 sellers on its portal
- Digital payments are processed via Momoe app
By creating its own payment solution, ShopClues will be able to:
- Bolster sellers payment options
- Integrate it with hyperlocal operations
- Increase convenience for online shoppers
- Reduce burden on Cash payments
Paytm, Snapdeal, Flipkart, Amazon
Last year, Snapdeal bought FreeCharge to scale up its online payment service, which would compete with Paytm’s mobile wallet. In August, Flipkart took over FX Mart and recently utilised its expertise to launch Flipkart Money Mobile wallet. Next on the list of big marketplaces, was Amazon who acquired payment solutions company, Emvantage just last month. It has plans to launch a mobile wallet within 3 months.