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Paytm Acquires Mobile Tech Startup, Cube26
The digital payment behemoth Paytm, acquired a Delhi based technology startup, Cube26. The company did not reveal the amount of the deal but said the Cube26 team will align with Paytm to work toward building special engagement features on the Paytm application. Earlier, Cube26 raised $ 7.7 million in funding from two of the famous companies who are known for acquisitions, Tiger Global and Flipkart in the year 2015.
Madhur Deora, the Chief Financial Officer at Paytm said, We are focused on building a more immersive and feature rich mobile experience for our large active user base and with this acquisition, the Cube26 team will work with the Paytm team to add more social engagement features to our products and services.
About the company, Cube26
Cube26 develops customized Android operating systems for Original Equipment Manufacturers (OEMs.) The company is currently building a platform between local service providers and smartphone users through their local app and game store to enable product led monetization.
The tech startup was founded in the year 2012, by Saurav Kumar, Abhilekh Agarwal and Aakash Jain.
However, post the deal, the CEO of Cube26, Saurav Kumar said, Our team has been building technology products that are used by millions of users. I believe our diversified experience in creating smarter products across software and hardware segment will help add value to Paytm and to several of its products and services (sic.)
This deal made waves soon after the digital payment behemoth announced the latest services under Paytm Inbox on its app. Paytm added exciting new features such as in app Live TV, News, Cricket, Entertainment Videos and Games to its messaging service ‘Inbox’. The company has aligned with several content providers to offer infotainment to its users.
Paytm was founded by Vijay Shekhar Sharma in the year 2010. It is available in 10 Indian languages and offers online services like mobile recharges, utility bill payments, travel, movies and events bookings. Not only that but Paytm also provides in store payments at grocery stores, fruits and vegetable shops, restaurants, parking and various other places. It is now valued at an enormous $ 10 billion. Currently, Paytm has more than 120 million monthly active users and strives to grow further with its additional features and updates.
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