Shifu was founded in 2012 by Prashant Singh, Deepansh Jain and Michael Massey and was run by Signal Inc, iamwire.com reports. The company was acquired by Paytm to focus more on user friendly experience. Kiran Vasireddy, senior vice-president at Paytm stated that Shifu has been quite popular as an intelligent task-managing application.
By integrating their technology and behavioural modelling with Paytm app, Paytm will be able to offer intuitive and personalised experience to its users. Shifu works on AI (Artificial Intelligence), once the app is installed it analyses customer work pattern and recommends accordingly.
Kiran added that by predicting user behaviour based on past usage, location and other data points, the platform will be able to offer relevant recommendations to its users. Paytm has been actively investing in tech startups, but this is the first time it has tapped the AI sector.
The company invested in three companies in 2014, including auto aggregation service Jugnoo, LogiNext Solutions and little. It invested last in Jugnoo with USD 3 million. Paytm is currently backed by Alibaba Group, Sapphire Venture, SAIF Ventures and the Silicon Valley Bank.
One97 Communications Pvt. Ltd is a company by Vijay Shekhar Sharma, who is the founder/co founder of four different companies (Edukart, One97 Communications and Video Pind). Also is among the 11 recipients of a payment bank licence from the Reserve Bank of India.
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