ShopClues.com, the online E-tailing platform is all set to take over Momoe Technologies, the mobile payments firm. In advanced talks with Shopclues.com, Momoe is all set to handover its 40 members team which would add a payment service to its platform.
Bengaluru based Momoe was established in June 2014, it provides transaction solutions for offline merchants, by enabling them to make digital payment through Momoe app.
Founded by Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf, Momoe went close to $1.2 million from IDG Ventures India, Jungle Ventures and India Quotient. They had around 4,000 merchants in their portal from Pune and Bengaluru.
As per a report in E-paper livemint – ShopClues.com is looking forward to invest around $50 million for either buying stakes or acquiring start-ups in the hyperlocal, ad-tech and Internet payments domains to speed up expansion in the country’s rapidly-growing e-commerce market.