PayU acquires VC-backed Indian payments start-up
Online payment solutions provider PayU India has acquired Cobboc, the VC-backed start-up behind mobile payments app Eashmart.
The financial details of the transaction were not disclosed.
According to VCCircle, Dehli-based Eashmart previously received an undisclosed round of seed funding from the Centre for Innovation, Incubation & Entrepreneurship (CIIE) - a tech incubator ran by the Indian Institute of Management, Ahmedabad - and two unnamed angel investors.
The company allows consumers to use credit and debit cards to make payments without having to swipe the card through a machine. It was among the 10 ventures chosen for iAccelerator, the flagship programme of CIIE, earlier this year.
A part of Naspers Group, PayU India owns two brands: PayU and PayUMoney. The former is an enterprise product used by large merchants such as Snapdeal, Jabong and Groupon. The latter is a free online payments solution for small businesses.
As part of the deal, Eashmart's five-member team is joining PayUMoney's app development vertical where they will work on new app features.
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