Mosambee, one of India’s leading payments and merchant solutions platforms, announced the 100% strategic acquisition of Cashless Technologies that runs Benow, a disruptive Payments & EMI Technology platform, in a cash and stock deal.
As a part of the acquisition, Mosambee will help Benow enhance their product offering and focus on aggressive growth. It will also leverage Benow’s network of partners, consisting of over 35 brands & 15 lenders, to deepen its presence across the country. Further, Soorraj VS, the current CEO, will continue to be to head Benow and will work toward driving the business to its 100X growth path.
Since 2019, the company has focussed on building out its digital-first in transaction lending solution by enabling brand-sponsored EMI transactions. Over the last 24 months, Benow has been able to build a strong ecosystem of brand partnerships and is the second-largest and fastest-growing offline BNPL player in the country.
Commenting on the acquisition, Sameer Chugh, Co-founder & Director, Mosambee, said, “It is an immense pleasure to welcome Benow onboard with us. Their product syncs well into Mosambee’s vision of providing solutions to the small retailers to help them compete with their larger and online counterparts. We appreciate the drive and passion at Benow and have created an environment for them to work as a startup within a startup. Our first focus was to make Benow profitable and we have been able to achieve this over the last 4 months. Over to Soorraj to make them market leaders in this segment”.
Soorraj VS, Managing Director, and CEO, Benow, said, “We’re thrilled to become a part of Mosambee’s platform. Benow has always aimed at empowering MSMEs with an innovative digital solution. I firmly believe that this acquisition will help us enable more merchants with the right tools to grow their business”.
The development comes as Mosambee is celebrating 5 years of profitable growth. In 8 years, Mosambee has raised only INR 15 Crores and delivered revenue of over 400 crores, and has been profitable for 5 years straight. The company also became the first company in the fintech startup ecosystem to pay dividends to its investors in 2021.
Despite the pandemic, the payments company registered 25% growth last FY and plans to further achieve 50% growth this FY. Further, its revenue has grown from INR 2 crore to about INR 140 crore in four years. Mosambee now plans to step up its efforts in building MSME-focused products to facilitate digital inclusion across the country.
