SME-focused payments startup Instamojo said on Thursday it has acquihired virtual theatre and vernacular content platform Showman, without disclosing financial details.
Under an acquihire, also known as talent acquisition, one company buys another for its employees' skills and expertise.
“This acquihire will help Instamojo strengthen its product and tech prowess as we continue to innovate across multiple categories,” Akash Gehani, co-founder and COO of Instamojo, said.
Founded in 2019, Showman operates a virtual theatre that enables users to buy movie tickets online. The company has a monthly growth rate of 73.2% and has negotiated $30 million worth of movie contracts across Indian film industries.
“When we spoke to Instamojo, we realised our insights can drive real impact for the MSME space of India,” Bhatawdekar said.
Earlier in the year, Instamojo acquired an e-commerce enablement firm GetMeAShop.
In 2020, the company closed its pre-Series C round of funding.