NowFloats, which helps local businesses grow online, has acquired chat-based commerce platform Lookup. Through this acquisition, it aims to increase its focus on consumer side of its business by gaining access to Lookup’s database.
The companies did not disclose the financial details of the cash and stock deal. The core team of Lookup will join NowFloats team after the acquisition.
Hyderabad-based NowFloats offers unique location based SEO services to small and medium enterprises. It helps these businesses create a dynamic online presence within minutes via SMS.
Last year, NowFloats had raised an undisclosed Series A round from Omidyar network, Blume Ventures, Mumbai angels and Hyderabad Angels. So far, the company was focussing on catering to the needs of such local small businesses only.
With Lookup’s acquisition, it plans to bring its focus on the market from the consumer perspective. Commenting on the acquisition, co-founder and chief software architect of NowFloats, Ronak Kumar Samantray said,
We are going to take LookUp forward as a consumer brand to provide the simplest and fastest way for a user to buy anything from the offline world.
Lookup, founded by Serial entrepreneur Deepak Ravindran, connects local businesses to consumers through a chat-based platform. People can ask their queries from vendors in their vicinity using a secured Whatsapp like platform.
The company has over 1.2 million registered users and 90000 verified businesses on its platform. It is present across major cities like Delhi, Mumbai, Bangalore, and Pune.
After this acquisition, Lookup will continue to operate as an independent company with Deepak Ravindran as its CEO. Additionally, he will also head the conversational commerce at NowFloats. Talking about the same, Ravindran said that both companies will continue to work independently with a common vision just like Facebook and Whatsapp.
So far, Lookup has raised $5.8 million in funding across three rounds. Last year, it raised $2.5 million in Series A from Khosla Impact fund by Vinod Khosla. It is also backed by the likes of Twitter co-founder Biz Stone, Narayana Murthy, Kris Gopalakrishnan and other prominent investors.