Wednesday, 18 July 2018
News

Paytm Acquires Tiger-Global Backed Cube26

Digital payments platform Paytm has acquired Tiger Global and Flipkart backed Cube 26 in order to introduce more social engagement features on its application.

Cube 26, formerly known as PredictGaze was founded by Abhilekh Agarwal, Akash Jain and Saurav Kumar in 2012. This tech-based startup primarily develops softwares which allow devices to recognize users, interpret human gestures and understand their emotions.

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 and services.”

According to the speculations, Paytm is aiming to become more than a digital wallet like its contemporaries. Paytm has been planning to diversify and expand its services for a long time now. On these lines, Paytm has made sever more acquisitions in the past few months.

Paytm acquired Bengaluru-based O2O deals platforms Little and Gurugram-based Nearbuy in December 2017. It also took bought a majority stake in ticketing platform Insider.in and also invested in MobiQuest’s loyalty platform m’loyal.

Madhur Deora, the chief financial officer at Paytm said,“We are focused on building a more immersive and feature-rich mobile experience for our large active user-base.”

This news comes few days after the acquisition of Pune- based data science company Pivotchain Solutions by Mobikwik, one of the Paytm’s rival companies in Rs 2 Cr.