4 January, 2016, Delhi: Paytm, a mobile payment portal has acquired Delhi based consumer behaviour prediction platform, Shifu. Paytm has pinned down the deal and acquired Shifu by paying US $ eight million. With this acquisition, a team of 20 members including three co-founders will join the Paytm.
Sharing his views on the acquisition, Kiran Vasi Reddy, Senior VP (business), Paytm said, “Shifu’s data and tools to predict consumer preferences and behaviour are very useful for a company like ours. We can serve a consumer in a more personalized and intimate way.”
Shifu was floated into the market by its founders Prashant Singh, Deepansh Jain and Michael Massey. The three year old company provides a personal assistant facility which equips its customers to record reminders with respect to time, place and some activities through an app.
Paytm is India’s largest mobile commerce platform. It started is operations by offering mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps. The company has over 100mn registered users. In a short span of time Paytm has scaled to more than 60 Million orders per month. Paytm is the consumer brand of India’s leading mobile internet company One97 Communications. It strives to maintain an open culture where everyone is a hands-on contributor and feels comfortable sharing ideas and opinions.