SAIF Partners and Singapore’s GIC backed Little Internet and Nearbuy, who had together raised more than $80 million capital will be sold for $30 million only, in a cash and stock transaction.
Little Internet, which runs the Little app, had in 2015 racked up $50 million and later got on board GIC. Paytm and GIC are its significant shareholders after Tiger Global sold out from the company. While Gurgaon based Nearbuy, which broke off from its parent Groupon India in 2015, had scooped up a $20-million cheque from Sequoia Capital at the time.
Both of them offers discount deals on restaurants, movie tickets booking, hotel booking and gyms and spas. Paytm, which has been betting on its online-to-offline (O2O) model, wants to bulk up this vertical with these platforms.
The talks were earlier reported by an anonymous source Unicon Baba in September.