Gurgaon-based PayU India Internet Pvt Ltd, that offers an online payment solution PayUMoney (earlier PayUPaisa), has acquired mobile-based payments firm Cobboc Pvt Ltd, which offers a mobile-based payments app Eashmart, to strengthen its mobile payment platform, for an undisclosed amount.
Eashmart had received an undisclosed amount in funding from IIM-A’s tech incubator CIIE (Centre for Innovation, Incubation & Entrepreneurship) and two unnamed angel investors, early this year. It was among the 10 ventures picked for iAccelerator, the flagship programme of CIIE.
As part of the transaction, the five-member, Eashmart team has joined Pay-UMoney’s app development vertical where they will continue to help with the development of new app features.
Founded by Amit Kumar, a B Tech in Avionics from Indian Institute of Space Science and Technology (Kerala), Eashmart enables consumers to use credit/debit cards to make payments for several products/services, without having to swipe the card in a swipe machine. For instance, if a person wants to order a Pizza from a nearby Pizza Hut, he/she needs to inform the merchant in advance that the payment is to be made through Eashmart.