India’s leading payment gateway Paytm on Tuesday has reportedly acquired Cube 26, which is a New-Delhi based technology company backed by Flipkart and Tiger Global.
The tech firm had raised a seed funding from both the investors amounting to $7.7 million in 2015. The start-up was founded by Saurav Kumar, Abhilekh Agarwal, and Aakash Jain in 2012. Cube26 produces customized Android OS for original equipment manufacturers, and at present, it is building a games and apps store by connecting India-based developers directly with smartphone users.
“We are focused on building a more immersive and feature-rich mobile experience for our large active user-base,” said Madhur Deora, the chief financial officer at Paytm. “We are excited to welcome the Cube26 team on board,” he added.
According to the reports, the teams of both the companies will join together and work towards providing a better experience to its users over the mobile platform. The company seeks to bring in more social engagement features to Paytm’s products and services. The company can have full advantage of the experience that Cube 26 has in this field of work.
“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,” Saurav Kumar, CEO of Cube26 said.
The company also stated that its main focus will be on regional content for making the app more accessible across small areas of the country. Apart from this, Paytm had lately made two more acquisitions that were Gurugram-based Nearbuy and Bengaluru-based Little, two platforms that focus on local restaurants and commercial establishments. These acquired companies have now been merged.