Lookup, an India-based messaging platform backed by e-commerce company DeNA, has been acquired by NowFloats, a company which helps businesses increase their online discoverability, YourStory reported on Monday.
Lookup’s investors also include precious metal trading company MKS Switzerland and Global Founders Capital, an investment fund affiliated with e-commerce group Rocket Internet, as well as Catamaran Ventures, Khosla Impact Fund and assorted angel investors.
Financial terms have not been disclosed. Lookup’s core team will join NowFloats and will continue to develop the platform under the firm’s ownership.
Lookup operates a messaging app that allows consumers to connect to local retailers. The company claims its platform connects to around 90,000 such businesses.
The acquisition follows Lookup’s failed attempts at securing additional funding. The company most recently raised $2.5m in an October 2015 series A round that included Global Founders Capital, Catamaran Ventures and Biz Stone, co-founder of social network Twitter.
Lookup had previously closed approximately $380,000 in seed funding from DeNA, MKS, Teruhide Sato, founder of internet company Beenos, and Kris Gopalakrishnan, co-founder of IT services provider Infosys.
Deepak Ravindran, co-founder and chief executive of Lookup, told news publication TechCrunch: “We attracted investment [last year], but this year turned out to be tougher for hyper local companies.
“What would be [the] right strategy? It takes a look of time to build a network. If traditional VCs are not interested in the game, we wanted to find [a] strong partner to give us the independence to grow on the right track.”