NumberMall Acquires Delhi-based BankSmarts Solutions
Hyderabad-based NumberMall, an app-based all-in-one payments platform for small merchants, has acquired all the businesses of Delhi-based BankSmarts Solutions, a banking focused analytics solutions provider, for an undisclosed amount.
The acquisition aims to extend NumberMall’s analytics capability, customer reach and merchant offers. The combination is expected to enable new classes of products and services that meet customer needs in assisted ecommerce.
"We believe that analytics will play an increasingly larger role in creating value for the customers and position the company even better to dominate the space. We look forward to working closely with the NumberMall team to ensure a smooth transition and complete the transaction as quickly as possible," says Kiran Gali, Founder and Chief Executive Officer of NumberMall.
Incepted in 2012, NumberMall’s annual turnover is around Rs 120 crore, with business growing 10 per cent month-on-month, though the company has set its sights on 25 per cent month-on-month growth. Besides, it has so far serviced more than 30 million customers on its platform through 16,000 touch points. During January this year, it raised Rs 5 crore in equity funding from SRI Capital.
"The assisted ecommerce space is addressing a very large opportunity, and NumberMall is one of the leaders in the space," said Subinder Khurana, Founder and CEO of BankSmarts.
Founded in 2013, BankSmarts helps marketers reach the right customers for their products and services by creating customer maps, including customer preferences, purchase propensity, and responsiveness to promotions and offers, based on their profile and past purchases. The Solutions help design promotions optimally, then track effectiveness of promotions in real time, taking corrective action if necessary. The technology platforms work on streaming big data and leverage predictive analytics and machine learning. Kae Capital and SRI Capital are seed investors in the company.
Market and competition
Indian retail market is a $600 billion (source) market and there’re 13 million neighborhood retailers (small mom and pop shops) across India. These figures represent the potential in this space.
iPay and Storeking are the two platforms which compete directly with NumberMall.
iPay servers over 3 million customers across Andhra Pradesh and Telangana with its retail network of 4000 plus retailers. Bengaluru-based StoreKing claims to have over 5000 kiosks across South India, delivers over 80,000 orders every month. The startup will be expanding into Maharashtra, Gujarat, and Madhya Pradesh in the next couple of months.