The acquisition of Shopmatic by MatchMove Pay is a sign of consolidation in the startup scene in India and Southeast Asia.
The MatchMove group will have revenues of $400 million and four million customers in 15 countries, including India, by the year 2026.
Shailesh Naik, MatchMove's founder and chief executive, said that combining embedded finance tools such as credit card payments with e-commerce features will smoothen the journey of small and medium businesses.
The acquisition is the first in a series of offerings that will help businesses go fully digital. Naik said that the startup was last valued at $600 million.
According to a Euromonitor report, e- commerce revenues in the Asia Pacific region are expected to double to $2 trillion by 2025, while embedded finance revenues are expected to reach $140 billion.
The two startups have Indian-origin founders and most of their talent is located in India. MatchMove has over 100 customers, mostly in the Southeast Asian region, and it's platform allows businesses to add financial services such as banking and credit card services.
Shopmatic, which has over a million customers in India, allows businesses to add e-commerce tools such as digitizing inventory, social commerce and web stores as well as automate their access to the world's largest marketplaces.
Shopmatic's co-founder and chief executive officer, Anurag Avula, will continue to head the e-commerce business, while Naik will lead the group as it searches for other acquisitions.
Avula said that a one-stop digital services shop can help businesses in emerging markets go digital.
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