Paytm may acquire UCWeb’s India biz
BY - Vaishnavi Gupta
Assistant Editor, IndianRetailer.com & Retailer Media Oct 12, 2018 /
/ 1 MIN READ
Assistant Editor, IndianRetailer.com & Retailer Media Oct 12, 2018 /
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Softbank backed Paytm is all set to acquire Alibaba backed browser UCWeb as reported by leading media resources. If sources are to be believed this acquisition could valued around $400-$500 million.
One97 Communications owned Paytm plans to use the browser to market its products and acquire a new set of users, especially first generation internet users in non-metro cities, a segment in which UC Browser is very strong.
UC Browser has a strong foothold in Vietnam, Indonesia, Russia and its home turf, China.
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This strategic move allows customers across India to access an exclusive range of premium beauty and personal care products at attractive discounts through the Paytm se ONDC Network using the Paytm app.
As a prominent buyer app on the ONDC Network, the company has experienced remarkable growth, now offering over 200 brands across diverse categories.
As consumer preference leans increasingly towards mobile transactions, businesses are swiftly embracing digital payment options.
Paytm reported a positive EBITDA before ESOP cost (earnings before interest, taxes, depreciation, amortization, and employee stock option costs) of Rs 31 crore.
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