India Digest: US firm C2FO buys Priority Vendor; Oyo plans to enter wedding biz

The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building is seen through wires in an alley in New Delhi, India, September 25, 2018. REUTERS/Anushree Fadnavis

In a recent M&A development, US-headquartered fintech company C2FO has acquired Noida-based payment platform Priority Vendor. Meanwhile, hospitality giant Oyo is said to foray into the offline retail space this wedding season. The company is reportedly looking to launch a chain of offline stores – in the form of brick and mortar outlets – to sell wedding products and simulate wedding scenarios for customers.

US fintech firm C2FO buys payment platform Priority Vendor

US-headquartered fintech company C2FO has acquired Noida-based payment platform Priority Vendor, according to an announcement.

The acquisition will help C2FO, backed by Softbank, strengthen its position in the working capital segment in India and provide its customers even more flexible and convenient solutions, per a statement issued by the company.

The transaction will pave the way for C2FO and Priority Vendor to have a combined network of over 200 companies.

Priority Vendor, founded in 2015, provides digital solutions for corporates and helps them improve their margins through higher savings ahead of due payment cycles.

The company raised an undisclosed amount in Series A round from Lightspeed India Partners and Catamaran Ventures in 2018.

Apart from Softbank, C2FO also counts Temasek and Union Square Ventures among its backers.

Oyo plans to enter wedding biz

Gurugram-headquartered hospitality giant OYO is set to foray into the offline retail space this wedding season, according to a report by The Times of India. It is looking to launch a chain of offline stores – in the form of brick and mortar outlets – to sell wedding products and simulate wedding scenarios for customers.

The move, that comes a year after OYO acquired online marketplace for wedding venues and vendors Weddingz, is set to help it monetise a slew of its properties that can be used as wedding banquets.

According to industry estimates, the Indian wedding business is estimated to be in the range of $40-50 billion. To cash in on a market as big as that, Oyo has reportedly drawn up different ‘store plans’ for different cities. For instance, those located in metros will be completely different from those in tier II and III towns.