Paytm buys home services marketplace Near.in

Mobile payments and commerce platform Paytm has acquired Near.in, a Gurgaon-based marketplace app that connects users with local businesses for home services, for an undisclosed amount.

The move is a part of Paytm’s ramped up focus on online-to-offline (O2O) commerce. With this acquisition, Paytm forges ahead with its promise of creating significant disruption in the high-potential hyperlocal space in India, Paytm said in a statement on Monday.

“We see enormous potential for O2O in India, which is a perfect blend of online and offline commerce. With this core belief, we have acquired Near.in and we will continue to invest more in this space. Near.in has a significant network of local service providers in place and a stellar team leading it. We are confident that their platform and team will add further strength to our other O2O initiatives, which is a key focus area for us,” said Kiran Vasireddy, senior vice-president and head of investments for Paytm.

Founded in December 2014 by Wirkle co-founder Sunil Goyal, Lomesh Dutta and Akshay Khanna, Near.in offers hyperlocal services across categories such as home needs, health and wellness, events and skills. In January 2015, the startup has raised around Rs 1.8 crore in a seed round of funding co-led by People Group chief executive officer Anupam Mittal and Manish Vij of Smile Vun Group.