Synergistic Financial Networks Pvt Ltd, which runs payment solution firm Mosambee, said it has acquired buy-now-pay-later (BNPL)-focused payment startup Benow, for an undisclosed sum.
Mosambee said it will help Benow enhance its product offering and focus on growth through this buyout.
The firm also added it will leverage Benow's network of partners to deepen its presence across the country. Besides, Benow’s current Chief Executive Officer (CEO), Soorraj VS, will also continue to lead the platform.
"Their product syncs well into Mosambee's vision of providing solutions to the small retailers to help them compete with their larger and online counterparts. We appreciate the drive and passion at Benow and have created an environment for them to work as a startup within a startup.
Our first focus was to make Benow profitable and we have been able to achieve this over the last four months. Over to Soorraj to make them market leaders in this segment," said Sameer Chugh, Co-Founder and Director at Mosambee.
"We're thrilled to become a part of Mosambee's platform. Benow has always aimed at empowering MSMEs with an innovative digital solution. I firmly believe that this acquisition will help us enable more merchants with the right tools to grow their business," said Soorraj VS, Managing director and CEO at Benow.
Mosambee is a payment solutions platform that claims to offer multi-mode payment solutions for merchants.
The firm said its revenue has jumped from Rs 2 crore to around Rs 140 crore in four years.
In 2015, the company raised an undisclosed amount in its Series B round of funding from existing investors Rajasthan Venture Capital Fund (RVCF) and SIDBI Venture Capital Ltd.