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March 14, 2016updated 04 Apr 2017 3:59pm

ShopClues to purchase mobile payments start-up Momoe

Indian e-commerce marketplace ShopClues is in advanced talks to acquire mobile payments startup Momoe Technologies.

By Verdict Staff

Indian e-commerce marketplace ShopClues is in advanced talks to acquire mobile payments startup Momoe Technologies.

The all-stock transaction is expected to value Momoe at anywhere between $8m and $15m.

Founded in April 2014, Momoe provides payment solutions for offline merchants and enables customers to make digital payments using the app on their phones. It currently has around 4,000 merchants on its platform.

The acquisition will help Shopclues to add a payment service to its shopping platform, which will strengthen its payment network for merchants on its platform.

Shopclues will also further integrate Momoe’s technology with its hyperlocal commerce business.

As part of the deal, which is likely to be announced in the next 45 days, Momoe’s 40 member team will completely be absorbed by Shopclues.

In February 2015, Momoe had raised $1.2m from IDG Ventures India, Jungle Ventures and India Quotient.

Shopclues has set aside $30m to $40m to spend on acquisition of payments, analytics and ad-tech companies.

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