Paytm Buys Shifu for $8 Million to Better User Experience

Paytm has acquired Shifu for $8 million (about ` . 53.2 crore), a move that will enable the digital payments company to offer more personalised user experience.Shifu, a contextaware personal assistant application, mines the smartphone usage patterns of users and makes personalised and highly relevant recommendations to them. “Through the acquisition, Paytm aims to leverage the tech infrastructure of Shifu to enrich the customer experience it offers to its users. The 20-member team behind Shifu has also come on board across various verticals at Paytm,“ Paytm said in a statement on Monday.

By integrating Shifu’s technology and behavioural modelling with Paytm app, Paytm senior vice-president Kiran Vasireddy said, “we will be able to offer a highly intuitive and personalised experience to our users“.

“This acquisition will give further impetus to our focus on artificial intelligence which will bring the next wave of disruption in ecommerce,“ Vasireddy said. By predicting user behaviour based on past usage, location and other data points, Paytm’s platform will be able to offer relevant recommendations to our users, he added.

 source: The Economic Times
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Author:

Neeraj; an entrepreneur & a visionary in the field of Railway, Defense & Automobiles, is a graduate in commerce and a Harvard Business School Alumni. He’s an expert in govt. liasoning & contracting and has an exceptional network & connections at both local as well as global level. He’s an expert in Market Strategy & Planning and has served number of overseas companies as an advisor/consultant. He takes a profound interest in upcoming startups & is very receptive towards ground-breaking ideas & innovations. He likes to brainstorm those ideas and if the values & philosophies matches; he is even ready to invest his resources, serve as a mentor or act as an incubator to futuristic businesses.

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