Many experts had already predicted in 2015 that partnerships and acquisitions will continue to follow aggressively in 2016. As per the prediction, Paytm has already made their plans clear for the year.
In what can be termed as one of the earliest acquisitions of the year, Paytm has acquired Delhi-based Shifu. For the ones unaware, Shifu, a brainchild of Delhi-based The Signals is a free task-managing app. The deal is worth $8 Million. The app has been around for a while now & has garnered a lot of attention in the mobile ecosystem. Being a one of a kind app that allows you to outsource the job of remembering the important task, Shifu seems to be a wise investment for Paytm. Working on your daily work pattern and calendar, it has the predictability to analyze your commute patterns and make suggestions based on these facts. Sitting on an easy interface, the app is powerful and easy to install and use. Shifu can also detect and identify Wi-Fi networks, this can be used to, say, upload pictures from a party when you connect to any Wi-Fi, to reduce the load on your data connection. Shifu developers also added in a geo-fencing feature, to allow location-based actions. Paytm must have definitely bought the biggest selling point that Shifu offers. The best part about Shifu is its simplicity and easy running. There are many such apps like in the market, the perfect example would be Llama, which is way complicated and it compels you to fiddle with a lot of texts. Founded by Prashant Singh, Deepansh Jain & Michael Massey, the company has been functioning through a team of twenty based out of Delhi.
The Shifu expertise would largely help Paytm to enhance the customer experience. Prediction of user behavior on past usage, location and other data points would help Paytm to offer relevant recommendations to the users on the platform. With a user base of 100 million+ users, the Shifu technology and the Paytm reach would be an amalgamation to watch out for in the coming months. Speaking about the acquisition, Paytm Senior Vice President, Kiran Vasireddy said, “We will be able to offer a highly intuitive and personalized experience to our users. This acquisition will give further impetus to our focus on Artificial intelligence which will bring the next wave of disruption in eCommerce.” Paytm also released a statement about the acquisition, saying, “Through the acquisition, Paytm aims to leverage the tech infrastructure of Shifu to enrich the customer experience it offers to its users. The 20-member team behind Shifu has also come on-board across various verticals at Paytm.”