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Paytm in talks to acquire Nearbuy and Little

In July, Paytm had acquired a majority stake in Insider.in, a ticketing platform, because of which all the events listed on Insider.in appear on Paytm's platform.

Digital payments and ecommerce major Paytm, run by One97 Communications in looking to buy two different deal platforms Nearbuy and Little, reports Mint.

Nearbuy (formerly known as Groupon India) and Little Internet provide online discount coupons for restaurants and salons, and commercial establishment deals.

Mint couldn't ascertain the deal values being discussed but the people cited above said both deals may happen at distress prices.

Paytm seems to be in an expansion mode for quite some time. Groupon Inc. had sold some of its majority stake in Nearbuy to Sequoia India-which spent $20 million for the acquisition-as part of an organizational re-shuffle.

An email query sent to Paytm, Nearbuy and Little awaited a response. Paytm's move to take full control of Little indicates the consolidation the company is planning in its portfolio while bringing Nearbuy could help it scale its business quickly. Paytm has invested in companies working in ares like logistics, data analytics, hyper-local delivery, events ticketing, healthcare among others. Nearbuy, which too has been on a stickey wicket, had taken a debt of Rs 15-20 crore from BlackSoil Capital past year after its fund raising efforts did not yield results.

Founded in 2015 by Manish Chopra and Satish Mani, Little app is a consumer lifestyle deals marketplace from the burgeoning O2O market. It then set a target of generating annualized gross sales of $170 million but missed it by a big margin. It raised $50 million from Paytm, SAIF Partners and Tiger Global Management in 2015. The company managed to raise $1.4 billion in funding from SoftBank Group in the same month. Following this, the valuation of One97 Communications - Paytm's parent company - rose to United States dollars 7 billion.



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