Merchant fee and lending service supplier BharatPe on Thursday stated it has acquired Payback India from American Express and ICICI Investments Strategic Fund.
The firm, nevertheless, didn’t disclose the monetary particulars of the transaction.
This is the first-ever acquisition by BharatPe and can make Payback India a wholly-owned subsidiary of BharatPe, a press release stated.
Payback India – launched in 2010 – is a multi-brand loyalty programme with over 100 million members within the nation. It has a community of greater than 100 offline and on-line companions and permits its prospects to earn and redeem factors on each transaction at its associate service provider shops.
The acquisition of Payback India is in step with BharatPe’s technique to construct a strong and engaged community of over 20 million small retailers by 2023, the assertion stated.
With Payback India, BharatPe will be capable of improve its worth proposition for the service provider companions, it added.
Additionally, it is going to allow BharatPe to construct a profitable set of choices for finish prospects, that can improve footfalls at retailers and speed up the expansion of their companies.
As a results of the acquisition, all Payback India workers will develop into a part of the BharatPe group.
Suhail Sameer and Gautam Kaushik (Group Presidents at BharatPe) together with Sumeet Singh, General Counsel of BharatPe, have joined the Board of Payback India.
The position of the senior management crew at Payback India can be expanded to additionally work on the loyalty programme for the six-million plus retailers of BharatPe, it added.
The crew, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Executive Officer at Payback India), can be working carefully with Gautam Kaushik to construct a brand new model of Payback India.
Notably, Kaushik was the CEO and MD of Payback India previous to becoming a member of BharatPe in February this 12 months.
The firm (Payback India) will proceed working underneath its present title and there can be no affect on the prevailing buyer and associate relationships with Payback India that can proceed to roll out initiatives for purchasers throughout India, the assertion famous.
“With the acquisition of Payback India, we will be able to add a whole new dimension to our merchant value proposition. In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores,” BharatPe co-founder and CEO Ashneer Grover stated.
He added that the corporate is dedicated to construct India’s largest and most engaged service provider community and this acquisition can be a “game-changer” in that regard.
“…Users can collect points while shopping offline and online and benefit from exclusive offers in the usual way, now at even more merchants with BharatPe. We are convinced that the great Payback value for customers is guaranteed sustainably and in the long term with BharatPe as the new operator,” Markus Knorr, CFO of Payback Global, stated.
BharatPe at current offers a single interface for all current UPI apps and permits retailers to just accept UPI funds free of charge, by the BharatPe QR. It additionally helps retailers to entry credit score and different value-added companies.
Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the corporate at present serves over 60 lakh retailers throughout 100 cities. It processes over 10 crore UPI transactions per 30 days (annualised Transaction Processed Value of greater than USD 10 billion) and facilitated disbursement of loans totaling to over Rs 1,600 crores to its retailers since launch.
BharatPe’s buyers embrace Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
