Delhi-based Shopsity has been acquired by online payments and e-commerce marketplace Paytm to strengthen its offline retail network, as Shopsity offers solutions to small retail stores through an online to offline model (O2O).
The company aims to reach a target of 4 million offline merchants by March 2017 through this acquisition. The deal will let Paytm 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 management and are actively working to strengthen seller services for the 8,00,000-strong offline sellers on the Paytm ecosystem.
Ahmed has joined as Vice-President of Paytm 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.
“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.
Launched in March 2015, Shopsity is an O2O mobile platform, where you get to see what’s selling in stores nearby. During July last year, the platform had raised an undisclosed amount of funding from Sandeep Aggarwal, founder of ShopClues and Droom, and Teruhide Sato, founder of Netprice.