Bharatpe acquires Payback India to strengthen its merchant network
Digital payments firm Bharatpe has announced the acquisition of Payback India from American Express and ICICI Investments Strategic Fund for an undisclosed amount.
With this acquisition, all the employees of Payback India will join Bharatpe Group as it will be a wholly-owned subsidiary of the latter.
Bharatpe has said that the acquisition of Payback India is in line with its strategy to build a robust and engaged network of over 20 million small merchants by 2023.
Commenting on the acquisition, Bharatpe, co-founder and CEO of Ashneer Grover, in a statement said: “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.”
Markus Knorr of Payback Global added: “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.”
Payback India launched in 2010 is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets.
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