Amazon acquired the Indian retail startup Perpule that helps offline stores go online, for US$ 14.7M in an all-cash deal on 31st March 2021. Amazon will also spend an additional US$ 5M to compensate Perpule’s employees.
With this acquisition, Perpule’s investors – Prime Venture Partners, Kalaari Capital, Venture Highway and TaxiForSure are expected to exit with a 4X to 5X return.
About Perpule
Founded in 2016 by Abhinav Pathak, Saketh BSV and Yogesh Ghaturle, Perpule provides a mobile payments device to offline retailers, helping them accept digital payments and establish their presence on various mini-app stores including the ones run by Paytm, PhonePe and Google Pay in India. The company is headquartered in Bengaluru, India.
Perpule received its first external funding from Kalaari capital in the year 2016. Since then, the startup has taken off from 1 store to 100+ stores and 0 cafeterias to multiple cafeterias, including IT giant, Infosys. In 2020, the startup expanded to a few Southeast Asian markets including Indonesia, Malaysia, Thailand, Singapore and Vietnam.
Amazon has been aggressively engaging with physical stores in India to expand its delivery network and warehouses. It even relies on its inventory to drive sales. This acquisition will be help Amazon to push further into physical retail and increase its engagement even more. The acquisition of Perpule comes less than a week after Google backed DotPe, a startup offering similar products.
“Perpule has built an innovative cloud-based POS offering that enables offline stores in India to better manage their inventory, checkout process and overall customer experience. We are excited to have the Perpule team join us to focus on providing growth opportunities for businesses of all sizes in India while raising the bar of the shopping experience for Indian customers.” – Amazon.
About the Founders
1. Saketh BSV: Saketh is a graduate from IIT Madras, Batch of 2015. He has worked at Goldman Sachs. He is the CTO of Perpule and aims to solve the most complex tech problems to make the product stand out.
2. Abhinav Pathak: Abhinav is a graduate from NITK Surathkal, Batch of 2015. He is also a former employee at Goldman Sachs. He is the CEO of Perpule. He has the capability to develop new client relationships, lead business development and build new avenues.
3. Yogesh G: Yogesh is a graduate from NITK Surathkal, Batch of 2017. He was an IoT intern at Samsung R&D previously. He holds the position of Director of Operations at Perpule. He keeps an eye on data to drive improvements in processes, along with new initiatives.
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