Mumbai: In a bid to stay ahead in the battle of online payment companies, Paytm is likely to acquire two startups called Nearbuy and Little for around USD 30 million, said media reports.
According to a report in Times of India, the deal is likely to involve both cash and stocks.
Formerly known as Groupon India, Nearbuy and Little Internet are famous for providing online discount coupons for food joints, clubs, salons and other such deasls.
GIC and Paytm are currently shareholders in Little Internet that runs the Little app.
Paytm, with a market value of USD 7 billion has been bolstering its place in the market while expanding rapidly in the last two years. Earlier in July this year, it acquired majority stake in Insider.in, a platform for booking tickets.
From an online payments company in 2010, Paytm has donned many hats by expanding into the online retail sector as well as turning into a platform for booking or reserving flight tickets, movie tickets, restaurants, etc. It also offers digital gold buying and runs a payments bank as well.
Paytm currently has about 270 million users and expects to hit the 500 million users-mark by 2020.