PayUMoney acquires mobile payments app Eashmart
PayU India didn't disclose the deal size
New Delhi: Online payment solution firm PayUMoney, run by PayU India Internet Pvt. Ltd, part of South Africa’s Naspers Group, has acquired Eashmart from Delhi-based Cobboc Pvt. Ltd to strengthen its presence in the electronic payment space, the company said on Monday.
The deal size was not disclosed. Eashmart is a mobile-based payment solution firm.
PayU India runs PayU, a payment gateway for enterprises that works with large online merchants including Snapdeal.com, Jabong.com, Bookmyshow.com, Cleartrip.com, GoIbibo.com and Groupon.com.
PayUMoney is a free payment gateway for individuals, brick and mortar companies, start-ups, freelancers, schools, hotels, utility companies, residential societies, telecom service providers, insurance companies, traders and retailers.
“At PayUMoney we are focused on accelerating growth and innovation in payment space. As fewer users carry cash and rely on card payments, the trend will increase and more physically present cash payments will start getting substituted by online payments," said Nitin Gupta, co-founder and chief executive officer, PayU India.
In January this year, Eashmart raised an undisclosed amount in funding from Indian Institute of Management-Ahmedabad’s incubator, the Centre for Innovation, Incubation & Entrepreneurship, and two unnamed angel investors.
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