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The Economic Times

E-commerce enabler Shopmatic acquires 5X Ruby

By December 15, 2016 No Comments

E-commerce enabler Shopmatic has acquired a majority stake in Taiwan-based 5X Ruby to strengthen its research and technology team. The technology company which uses Ruby on Rails web application development format which uses less code and makes apps easier to create.

Singapore headquartered Shopmatic which helps small businesses sell online using the do-it-yourself platform has acquired 51% in 5X Ruby at an undisclosed valuation in a mixed cash and equity deal.

“We plan on developing value-added services for our customers including inventory management service, integrate payments on the platform, aggregation and taxation. For these services we will be using the technology from 5X Ruby. Some of the 20 member team of the company will be working with Shopmatic’s lab to design these solutions,” said Anurag Avula, co-founder of Shopmatic.

85-90% of Shopmatic’s business coming from India including 20,000 on Shopmatic Pro and 15,000 using the app. With the acquisition, the platform is looking to enter new markets by early 2017 and strengthen its presence in other South Asian markets in Japan and others.

The company had raised a seed round of $ 1.5 million from a group of undisclosed investors from India, Singapore and US in October 2015.

Source: The Economic Times