MatchMove buys Singapore-based Shopmatic for $200m, signaling consolidation of Indian startup ecosystem


Singapore-headquartered fintech MatchMove Pay Pte has acquired fellow e-commerce startup Shopmatic Pte for $200 million, a deal that signals the consolidation of the startup ecosystem in India and Asia from the South East.

The combined entity, which will operate as MatchMove Group, will target $400 million in revenue and four million customers in 15 countries, including India, by 2026, the start-ups said in a statement. commmon.

“Combining integrated financial tools like credit card payments with e-commerce features like social commerce will ease the digitalization journey for small and medium businesses,” said Shailesh Naik, Founder and CEO of MatchMove.

The acquisition is the first in a series planned by MatchMove to create a comprehensive set of offerings that will help businesses go fully digital. The startup was last valued at $600 million in a funding round in June 2021, Naik said. “The group is very close to profitability,” he said.

According to a Euromonitor report, e-commerce revenues in the Asia-Pacific region are expected to double to $2 trillion by 2025, while integrated finance revenues are expected to reach $140 billion by then , the companies said in the statement.

Complementary domains

The two start-ups are in complementary fields, have founders of Indian origin and most of their talent is located in India. MatchMove has more than 100 customers, primarily in the Southeast Asia region, and its platform enables businesses to customize and integrate financial services such as banking and credit card services.

Shopmatic, which has over a million customers, most of them in India, enables businesses to add e-commerce tools such as inventory scanning, social commerce and online stores, as well as automate their access to the largest markets in the world.

Shopmatic co-founder and CEO Anurag Avula will continue to lead the e-commerce business, while Naik will lead the group as it seeks further acquisitions. “A one-stop-shop for digital services can better equip businesses in emerging markets to go digital,” said Shopmatic’s Avula.

Published on

May 23, 2022

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