Paytm to be majority shareholder in Nearbuy-Little merger entity

File photo of Paytm. Photograph:( Reuters )

ANI Delhi, India Dec 07, 2017, 10.23 AM (IST)

In a move to further strengthen offerings for merchants, Paytm has become the majority shareholder of the entity formed through the merger of Nearbuy and Little Internet.

Paytm's strategic holding in Nearbuy-Little will provide its merchant partners with an opportunity to offer deals to acquire new customers and grow their business. Additionally, Paytm will serve its consumer base by showcasing a large number of exciting deals on its platforms and will further strengthen its presence in the offline commerce space.

"This combination of Nearbuy and Little marks a great opportunity for us to reinforce our commitment to support small and large retailers in the new age of mobile commerce and payments. I am sure consumers will love the greater selection and the reach of everyday deals and discount offers", Vijay Shekhar Sharma, Founder and CEO, Paytm said.

Nearbuy and Little Internet have merged to create India's largest discovery and deals platform for local merchants and it will help offline merchants by enabling them to acquire new customers through deals. Nearbuy and Little work with over 40,000 small and large merchants across food, beauty, travel and other categories. The combined entity will continue to enable customers to discover deals and save money whenever they step out, and also help merchants effectively utilize their inventory and acquire new customers. The existing shareholders of Nearbuy including Sequoia India will also become shareholders of the merged entity.

"The merger of the 2 of India's leading deals platforms in the country and the partnership with Paytm will help merchants and customers, bring business synergies and will further strengthen Paytm's presence in the O2O space in India", Manish Chopra, Co-founder, Little said.