The move on Paytm’s part comes in line with its vision to create seller-focussed services for offline merchants.
Chief Financial Officer, Paytm, Madhur Deora said, “Shopsity has done a great job at providing innovative solutions to small offline retailers. By integrating their technology with our advanced seller services, we will be able to offer additional solutions to our fast-growing family of small offline merchants. I am confident this acquisition will offer further momentum to our online-to-offline commerce segment.”
Founded in 2015 by Danish Ahmed and Gaurav Arya, Shopsity is a hyperlocal commerce startup that connects small retailers with customers. It combines the convenience of online with the offline shopping by enabling the users to select the designs, latest offers and size, available in nearest stores, online.
Commenting on the announcement, Co-founder, Shopsity, Danish Ahmed said, “Paytm is doing phenomenal stuff in the offline commerce space and we are very excited to join the team and build a platform that enables small retailers to ride the digital wave. Millions of retailers are using Paytm to accept payments today, and we are working hard to bring an entire suite of digital services to them.”
The startup earlier secured an undisclosed amount in Seed funding from Shopclues founder, Sandeep Aggarwal, and Netprice founder, Teruhide Sato.
After securing a US$ 60 million investment from Mediatek in August, Paytm announced plans to invest US$ 120 million – US$ 149 million to develop its e=commerce arm, Paytm E-commerce Pvt. Ltd, in September 2016.