Online payment and e-commerce platform, Paytm has made a strategic investment in the resultant joint entity of hyper local deals discovery platforms Nearbuy and Little Internet by infusing fresh funds of over Rs 162 crores ($25m) and acquiring a majority stake of 51%, reported The Economic Times and Mint. The merged entity expected to be valued over $100m and hold a market share of 88%, is said to have been arranged by Paytm as a strategic move to provide their merchant partners an opportunity to offer deals to acquire new customers and grow their business.
IndusLaw Bangalore acted as the legal advisors to
Shardul Amarchand Mangaldas acted for
Eversheds Harry Elias was represented by
J Sagar Associates acted as the Indian legal advisors to
Winston & Strawn acted as the US legal counsel to
Formerly part of Groupon, Nearbuy parted from its parent in 2015 and was later re-branded as Nearbuy after the promoters of the Indian arm and private equity investor Sequoia Capital India pumped in funds. Sequoia will continue to be a shareholder in the combined entity, post the merger.
2017-12-07