Advent of digital payment and increasing popularity of buy-now-pay-later (BNPL) model in India has stimulated series of initiatives to introduce relevant services and strengthen portfolio.
Payments and merchant solutions platform, Mosambee has reportedly announced 100% strategic acquisition of Benow, a EMI technology-based payments platform owned by Cashless Technologies under a cash and stock deal.
Under the terms of acquisition, Mosambee will aid Benow in enhancing its product portfolio and help focus on robust growth.
In exchange, the platform will use Benow’s solid partner network encompassing more than 35 brands and 15 leaders to solidify its presence throughout the country under the leadership of the current CEO, Soorraj VS.
For last 2-3 years, the company has been focused on growth of its digital-first as a part of transaction lending solutions, offering facilitated via brand-sponsored EMI transactions.
In the past year, Benow has successfully developed a solid ecosystem of brand partnerships and has emerged as the second biggest and fastest growing offline BNPL service provider in the country.
Speaking on the recent takeover, Sameer Chugh, Co-founder and Director of Mosambee, mentioned that Benow’s product offering blends seamlessly with Mosambee’s vision of solutions catering to the needs of small retails to support them compete with the online giants.
Mr. Chugh appreciated Benow’s drive for BNPL ecosystem and claims to have build a habitable environment for the EMI platform to work as a startup within a startup.
Soorraj VS, Managing Director and CEO of Benow, commented that the platform has been committed to the development of MSMEs by leveraging an innovative digital solution and believes the acquisition will allow merchants with the apt tools to enhance business performance.
In a span of eight years, Mosambee has scarcely raised some $2.0 million and generated a revenue of more than $53.5 million, reflecting profits for last 5 years.
Last fiscal year, the company reported 25% growth and aims for additional 50% growth this fiscal year.