One97 Communications, the parent company of Paytm, is reportedly in talks to acquire Bengaluru-based O2O deals platform Little and Gurugram-based Nearbuy, reported LiveMint.
The reports of the acquisition come in just months after Paytm picked up a majority stake in the events ticketing venture Insider.in. Insider.in is run by OML Entertainment. The same month, Alibaba Pictures, the entertainment unit of China’s Alibaba Group, (one of Paytm’s major investors), acquired a majority stake in Chennai-based TicketNew for an undisclosed amount.
An email query sent to Paytm, Nearbuy and Little awaited a response.
Little was founded by Manish Chopra and Satish Mani, the entrepreneurs behind the online fashion brand Zovi. It is an app-only marketplace for deals in the O2O space. Little has over 25,000 merchants present in 17 cities offering 50,000+ live deals across F&B, movies, last-minute hotels, health and wellness, etc.
On the other hand, the beginning of Nearbuy has a completely different tale. Previously known as Groupon India, Nearbuy, came into existence after Groupon acquired SoSasta in 2011 to enter the Indian market. Post the exit of the founders of SoSasta, Ankur Warikoo took over as the CEO of the company (called as Groupon India at the time). It was in August 2015, when Groupon India was rebranded to Nearbuy, post the management buyout wherein Sequoia invested $17 Mn.
Gurugram-based deals and coupons website Nearbuy provides hyperlocal offers in segments like food & beverage, spa, salons, wellness and getaways. As per the official website, Nearbuy is present in 35+ cities, 18+ categories and has over 50,000 merchants across 100,000+ unique locations.