Paytm on Monday announced that it has acquired context aware personal assistant app Shifu. The acquisition is aimed to personalise mobile payments experience.
Created by Delhi-based mobile developer startup The Signals, Shifu app offers a smart To Do list to users that emerged from their usage pattern and surfaces needful apps, contacts and tasks at a particular point of time. This somewhere works similar to Yahoo Aviate launcher that the internet giant released in June 2014. However, the app has some even advanced AI inputs that not only help in task management but also enable battery alerts and location-based alerts.
As a result of the acquisition, the 20-member team behind Shifu — including founders Prashant Singh, Deepansh Jain and Michael Massey — will now join Paytm. This will not result the shut down of the app in the initial stage, but its technology and behavioural modelling will now be integrated within Paytm app. “By integrating their [Shifu] technology and behavioural modelling with Paytm app, we will be able to offer a highly intuitive and personalised experience to our users,” says Kiran Vasireddy, senior vice president, Paytm, in a press statement.
Launched in 2013, Shifu had raised seed funding from angel investors. The app was also featured on some of the renowned publications such as Time Magazine and Life Hacker among others.
Financial terms of the deal were not disclosed by both the companies. But media reports have suggested that Paytm has agreed to pay $8 million for the acquisition.
The new deal emerged weeks after Noida-headquartered Paytm acquired local service provider marketplace Near.in. The company already has a user base of over 100 million users.
Last year, Vijay Shekhar Sharma-run Paytm expanded its presence in the country by investing across a variety of Indian tech startups. The company invested an undisclosed amount in hyper-local transportation app Jugnoo and discovery platform Little. The company also partnered with Lendingkart to start supporting sellers on its e-commerce platform and invested $10 million in logistics data startup LogiNext to improve delivery of goods across the country.
With additional inputs from Jagmeet Singh