ShopClues has acquired mobile payment startup Momoe for up to $12m, providing an exit to equity holders including IDG Ventures India.
IDG Ventures India, the local investment affiliate of media company International Data Group, has exited India-based mobile payment platform Momoe through an acquisition by e-commerce company ShopClues, according to the Economic Times.
The size of the transaction has not been officially confirmed, but is reportedly in the range of $10m to $12m and consists of cash and stock.
Momoe operates a mobile app that lets consumers pay bills at physical outlets such as restaurants, shops, pharmacies and spas. The app is connected to a user’s credit or debit card, a mobile wallet or internet banking.
ShopClues will integrate the technology into its own offering, letting a user base of more than 500,000 mechants on its website accept payments through the app.
Momoe’s five co-founders, Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf, will join ShopClues.
Biradar will act as vice-president for design and product on the merchant end, Balakrishnan will be in charge of monetisation and services, Bam will be responsible for merchant acquisition in South India, while Ashraf will lead payment technology and Vaidyanathan will work with ShopClues co-founder Radhika Aggarwal on strategic initiatives.
IDG Ventures India previously contributed to a $1.2m seed round in March 2015 that also included VC firm Jungle Ventures and VC fund India Quotient.
