ShopClues has acquired payments startup, Momoe. Post this acquisition, Shopclues will now use Momoe’s technology to boost its payment network for merchants and will look to tie this in its hyperlocal commerce business.
Momoe’s introduction on the platform will further ease the interaction between the vendors on the app and the consumers who will now be able to shop by relying on a payment option that best suits them. This is completely in sync with ShopClues’ inclusion of a chat feature that enables consumers to connect directly with the merchants on the platform.
The ever-increasing Internet penetration and adoption of smartphones in India has created a ready ground for an app like Momoe to flourish. As a mobile payments app, Momoe allows users to pay offline merchants like restaurants, grocery stores, electronics, pharmacies, spas, salons and the like. Using the app, customers can pay for products and services using credit cards, debit cards, net banking and mobile wallets.
Founded by Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf, the venture had raised $1.2 million in seed funding in December 2014 from three investors – IDG Ventures, Jungle Ventures and India Quotient.
Momoe, an UnPluggd startup was first in the offline payments space by providing a cashless shopping, commuting and eating out experience to their users.