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Paytm buys Shopsity for offline boost

MUMBAI: Online payments and ecommerce marketplace Paytm has acquired Delhi-based Shopsity in a bid to strengthen its offline retail network. Shopsity follows an online-tooffline model that offers solutions to small retail stores.
Paytm declined to comment on the deal value. Through the acquisition, Paytm is looking to create seller-focussed services for its offline merchants. The company is in the process of acquiring merchants to accept payments and plans to go deeper and offer a more engaged platform for interacting with customers.

Shopsity co-founders Danish Ahmed and Gaurav Arya have joined Paytm’s management and are actively working to strengthen seller services for the 8,00,000-strong offline sellers on the Paytm ecosystem. The acquisition will aid Paytm’s target of reaching 4 million offline merchants by March 2017, the company claims.

Ahmed has been brought on board in capacity of vice-president of Paytm’s O2O business. “We are very excited to join and build a platform that enables small retailers to ride the digital wave.

We are working to bring an entire suite of digital services to them,” he said. Shopsity was Ahmed’s second venture after he quit as CEO of Yebhi in May 2015. “By integrating Shopsity’s technology with our advanced seller services, we will be able to offer additional solutions to our family of small offline merchants. I am confident this acquisition will offer further momentum to online-to-offline,” said Madhur Deora, chief financial officer at Paytm.

Read more at:
http://economictimes.indiatimes.com/articleshow/55379894.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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