BharatPe-Payback India Deal Merchant payment and lending service provider BharatPe has acquired Payback India from American Express and ICICI Investments Strategic Fund. BharatPe gave this information on Thursday.
Merchant payment and lending service provider BharatPe has acquired Payback India from American Express and ICICI Investments Strategic Fund. BharatPe gave this information on Thursday.
However, the company has not disclosed the financial details related to this transaction. This is the first acquisition by BharatPe and with this transaction Payback India will become a wholly-owned subsidiary of BharatPe, a statement said.
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Payback India was started in 2010. It is a multi-brand loyalty program. It has more than 10 crore members in the country. It has a network of over 100 offline and online partners.
It allows its customers to earn and redeem points on every transaction made through partner merchant outlets.
BharatPe will get big help in expansion:
The acquisition of Payback India is in line with BharatPe's strategy to build a solid and engaged network of over 20 million small merchants by 2023, the statement said. With Payback India, BharatPe will be able to enhance its value proposition for merchant partners, the statement said.
What happens after the acquisition:
BharatPe group. Bharat Pe Group Presidents Suhail Sameer and Gautam Kaushik and General Counsel Sumit Singh have joined the Board of Directors of Payback India. Payback India's top leadership will be expanded to work on BharatPe's over 60 lakh merchant loyalty program.
The team of Payback India MD Pramod Mahanta and Chief Executive Officer Rijish Raghavan will work closely with Gautam Kaushik to develop the new version of Payback India.