Paytm Acquires Tiger Global & Flipkart Backed Technology Innovator Cube26
One97 Communications owned digital payments giant Paytm has announced the acquisition of New Delhi-based technology startup, Cube26. Paytm has been building consumer engagement products in areas of social and content. This acquisition will help the company by leveraging the work that Cube26 has done in this area.
Madhur Deora, Chief Financial Officer – Paytm said, “With this acquisition, the Cube26 team will work with the Paytm team to add more social engagement features to our products and services.”
Saurav Kumar, CEO & Co-Founder, Cube26 said, “Our team has been building technology products that are used by millions of users. I believe our diversified experience in creating smarter products across software and hardware segment will help add value to Paytm and to several of its products & services.”
Founded by Saurav Kumar and Abhilekh Kumar Agarwal in 2012, Cube26 (formerly PredictGaze) has customized Android OS and developed varied applications for OEMs. They are currently building a platform between local service providers and smartphone users through their local app and game store to enable product led monetization. Cube26 has previously developed the next generation of technology that allows devices to recognize users, interpret human gestures and understand their emotions. It is backed by Tiger Global and Flipkart with $7.7 million seed round of funding in 2015.
Paytm has also made several more acquisitions in recent months. It acquired Bengaluru-based O2O deals platforms Little and Gurugram-based Nearbuy in December 2017. It also bought Chennai-based online movie ticketing platform TicketNew for $40M in May 2018. Last year, the company acquired a majority stake in ticketing platform Insider.in, and also invested in MobiQuest’s loyalty platform m’loyal.
