Spreading its wings into the online to offline space, Paytm has acquired the hyper-local services enabler Near.in, an Economic Times report has said.

Paytm, which has come a long way in the Indian e-commerce market since starting as a mobile recharge and cash-back provider, has said that this is their first buyout since it secured a $680 million (nearly Rs 4,549.88 crore) funding from Chinese e-commerce giant Alibaba Group and its affiliate Ant Financial.

The Paytm-Near.in deal is a cash-and-stock one, and cost about $1.5 - 2 million (nearly Rs 10.04 - Rs 13.38 crore).

Near.in, a Gurgaon-based online to offline (O2O) start up, provides services like home repairs, appliance repair, pest control. It also helps customers find music classes, yoga classes, salon services, and so on. The company was founded by IIT-ian Sunil Goyal, and Lomesh Dutta and Akshay Khanna from DCE. Goyal and Dutta were previously co-founders of a start-up that developed softwares for mobile phones, Wirkle.

After acquisition, the entire Near.in team will be absorbed by Paytm.