Home Business Singapore’s MatchMove Buys E-Commerce Startup Shopmatic In $200 Million Deal

Singapore’s MatchMove Buys E-Commerce Startup Shopmatic In $200 Million Deal

by David Mack
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MatchMove

Fintech organization MatchMove has procured online business startup Shopmatic in a $200 million arrangement to make a start to finish administration to digitalize the startup.

 

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Shopmatic additionally settled in Singapore, gives independent companies an online business presence by creating web stores and computerizing admittance to the world’s biggest e-commercial centers. The procurement will empower MatchMove to give its fintech administrations, for example, banking applications, to Shopmatic’s million clients.

The consolidated element, presently working under the MatchMove Group name, will target an income of $400 million and 4,000,000 clients across 15 nations by 2026, as per their joint public statement.

This arrangement is the principal in the progression of arranged acquisitions of Southeast Asian organizations for MatchMove, which is finishing end-up end administrations for organizations to digitalize their contributions. The fintech organization has developed its presence quickly across Southeast Asia including, Singapore, India, Indonesia, Hong Kong, Malaysia, the Philippines, and Vietnam.

“Venture clients can now totally digitalize their inventory chains — offering types of assistance like production network loaning and merchant installments through a solitary stage to Shopmatic’s environment of SME clients,” MatchMove CEO Shailesh Naik remarked in the public statement.

Shopmatic, which has over a million customers, the bulk of them in India, allows businesses to add e-commerce tools such as digitizing inventory, social commerce, and web stores as well as automating their access to the world’s largest marketplaces.

The two startups are in complementary domains, have Indian-origin founders and the bulk of their talent is located in India. MatchMove has over 100 customers, mainly in the Southeast Asian region, and its platform allows businesses to customize and embed financial services such as banking and credit card services.

Shopmatic’s co-founder and chief executive officer Anurag Avula will continue to head the e-commerce business, while Naik will lead the group as it scours for other acquisitions.

“A one-stop digital services shop can better equip businesses in emerging markets to go digital,” said Shopmatic’s Avula.

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