Mumbai-based digital payments startup Benow has acquired Gurgaon-based Finmo and their flagship product DigiBharat in a cash and stocks deal. As the part of the acquisition, all existing 500+ merchants acquired by Finmo will be on-boarded as Benow merchants in the next couple of weeks.
Commenting on the acquisition, Sudhakar Ram, Founder and CEO, Benow adds, “We strongly believe that acquiring Finmo will help us strengthen our base in the industry and in turn increase our merchant and customer base deeper in India. Finmo also has a strong entrepreneurial team that understands the payment space in India, adding to Benow’s talent base. As a combined entity, we have the capability and momentum to become a leader in enabling neighborhood merchants to accept digital payments”.
Benow was founded by Mastek Founder and ex-CEO Sudhakar Ram in 2016. Operating under Cashless Technologies India Limited, the startup helps local merchants grow their business and stay competitive by leveraging digital platforms for customer engagement and accepting digital payments through mobile using BHIM and other UPI apps. At present, the startups has a merchant base of more than 10,000 across India. Notably, Benow was one of 21 successful start-ups mentored under Reliance’s GenNext Scalerator programme.
Finmo, another fintech startup was co-founded by Rishabh Jain, Chirag Saini and Dipesh Nagpal. The company’s popular flagship product DigiBharat™ enables Peer-to-Merchant (P2M) payments from 60+ apps powered by the Unified Payments Interface. “Joining forces with Benow makes us more competent to achieve the goal of a less cash India. Benow founding team’s depth of experience will help us achieve great things ahead,” said Chirag Saini, Co-Founder, Finmo.
Finmo was one of the top 10 finalists for PayPal’s Incubation Challenge among more than 250 startups from across the country.