Paytm acquires personal assistant app Shifu for $8 million

Paytm has acquired consumer behaviour prediction and recommendation app Shifu for $8 million, as per a latest report from the Economic Times. The move comes from Paytm in a bid to focus on improving its artificial intelligence technology.

As a result of the acquisition, Shifu’s 20 member team along with the three founders will join Paytm to integrate former’s technology into Paytm’s mobile wallet and online marketplace. Currently, Shifu offers a manager app that provides personalized to-do list suggestions and reminders based on users data, location, time and so on. It analyzes users smartphone behaviour and patterns. Shifu’s technology will help Paytm to offer a more personalised user experience to its users by providing relevant recommendations.

Last month, Paytm acquired hyperlocal service startup Near.in for $2 million. In 2015, the company even invested in transportation app Jugnoo, in hyperlocal deals platform Little and in logistics start-up LogiNext. Paytm currently has more than 100 million wallet user and carries out over 75 million transactions every month.