Alibaba-backed digital wallet firm Paytm is said to be in talks to acquire online deals company Nearbuy. Earlier, there were reports that Paytm is looking to acquire Nearbuy's peer Little.
According to a report in VCCircle Paytm's parent One97 Communications Ltd is in talks to buy Nearbuy to expand its hyperlocal offerings.
Paytm's possible acquisition of Little is in a fairly advanced stage with the latter's board agreeing for the deal. While Paytm is already on track to merge Little with itself, it is separately pursuing the acquisition of Nearbuy, the report said.
Paytm wants to acquire both Little and Nearbuy as it wants to quickly ramp up its deal business. Given its reach, Paytm aspires to become the top player in the deals space, it added.
Ahead of the festive season, Paytm Mall is also planning to invest over Rs 1000 crore for marketing strategy and brand promotions. Over 65 million products from more than 1,000 brands will be available for the customers on the recently launched e-commerce platform.
Paytm, the most popular digital wallet of the country, is leaving no stone unturned for an enriching customer experience. You don't need to worry if there is a huge queue when you visit one of the few brick-and-mortar Paytm Malls during this festive season. The company is installing QR Codes at storefronts which will enable the buyer to browse products and place an order