One97 Communications Ltd., which is Paytm’s parent company, has recently acquired Cube26, a Delhi-based startup, for an undisclosed sum of money in an effort to enhance customer engagement across its platform.
Cube26, a technology startup that has 10 patents to its name, was established in the year 2012 by founders Abhilekh Agarwal, Saurav Kumar, and Aakash Jain. The firm had initially received funding for a sum of Rs.50 crore from Flipkart and Tiger Global Management. Cube26 develops customised Android OS for Original Equipment Manufacturers (OEMs) and has worked with various firms including Myntra, Flipkart, Panasonic, Micromax, Karbonn, etc.
Mr. Madhur Deora, the chief financial officer of Paytm, announced that Cube26 will be adding certain social engagement features to Paytm’s services and products. He also said that the company is now actively focussed on creating a feature-rich experience for its users.
Paytm recently added a number features to its in-app messaging service called ‘Inbox’ including a live TV, cricket, news, games, entertainment videos, etc. Launched in the year 2017, Paytm Inbox has around 120 million users.
The acquisition of Cube26 is the second deal struck by Paytm within a span of two months. The fintech firm acquired Orbgen Technologies Pvt. Ltd., which is a Chennai-based digital ticketing platform, in May. Paytm had acquired companies, Nearbuy and Little in December 2017. Further, the company also acquired a majority stake in Insider.in for a sum of Rs.35 crore.
Paytm, which started operations as a mobile recharge service, has of late diversified to become an e-commerce and digital payments company. Further, Paytm has also started operating as a payments bank.
Sources: MediaNama, VCCircle