Online marketplace ShopClues, the newest member of the billion-dollar valuation club, has acquired Bengaluru-based startup Momoe as it looks to build a payments business.
The deal will also help ShopClues establish an office in the startup capital and all five Momoe founders are expected to join its senior management team across functions like design, corporate development and technology. The deal size is pegged at $10-12 million, with consideration being paid in both cash and stock. ETfirst reported about the deal on March 14.
Investors in Momoe — which raised $1.2 million from India Quotient, IDG Ventures India and Jungle Ventures — will get both cash and stock in ShopClues as a part of the transaction.
We got five very senior people in the company as a part of this acquisition, which is the most exciting part," said Sanjay Sethi, CEO of ShopClues, while declining to comment on the deal size.
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