Online payment solution provider Instamojo Technologies Pvt. Ltd has acquired Gurugram-based GetMeAShop, which helps small business go online, from Times Internet Ltd.
Bengaluru-based Instamojo said in a statement it has acquired GetMeAShop for $5 million (approximately Rs 35.59 crore) and the acquisition will allow it to introduce software-as-a-service (SaaS) offerings for merchants on its platform.
As part of the deal, Times Internet has invested an undisclosed sum in Instamojo. A representative of Times Internet will also join the board of Instamojo, the startup said.
Times Internet, the digital arm of Bennett, Coleman and Co. Ltd, had acquired GetMeAShop in 2015.
VCCircle has reached out to Instamojo on the investment details and will update this report accordingly.
“With the GetMeAShop acquisition, the Instamojo suite of offerings will enable business owners with web presence tools to start, manage and grow in the tech ecosystem,” company co-founder and chief executive officer Sampad Swain said.
Separately, GetMeAShop founder and CEO Pushkal Srivastava said the acquisition would give access to specific distribution channels that the company was targeting.
GetMeAShop, operated by GMAS Technologies Pvt. Ltd, was founded in 2014. It helps offline businesses create and manage their own website and mobile applications without the need for any technical knowledge. The platform also lets businesses and individuals set up an online store with online payment facilities and on-demand logistics services.
Instamojo, meanwhile, was founded by Swain, Akash Gehani and Aditya Sengupta in 2012.
In January last year, Instamojo said it raised $7 million (Rs 50 crore) in a Series B funding round, led by existing investor AnyPay, a Japanese payments firm that also took part in its pre-Series B exercise. Gunosy Capital, the investment arm of Japanese news curation app Gunosy, also came in as a new investor.