BharatPe, a leading payments and lending service provider, launched a venture on Thursday as it acquired PAYBACK India, a multi-brand loyalty program, from the ICICI Investments Strategic Fund, which holds 90% and 10% stake in American Express and PAYBACK. Did. India respectively. With this acquisition, BharatPe will be able to strengthen its value proposition to its merchant partners.
PAYBACK India will continue to function independently as a wholly owned subsidiary of BharatPe after the acquisition, but the board of directors will be joined by Group Presidents Suhal Sameer and Gautam Kaushik, and BharatPe’s legal counsel, Sumeet Singh. PAYBACK employees will be part of BharatPe’s group even under the terms of the acquisition.
In addition, Payback India’s senior leadership team will expand its role to work on the loyalty program of BharatPe’s more than 6 million merchants.
The financial details of the transaction have not been disclosed.
Aiming to build a strong network of over 20 million small merchants by 2023, BharatPe will provide customers with digital credits and launch the Buy Now Pay Later service on the PAYBACK platform to earn points. And will be exchangeable. In every transaction at a partner’s merchant outlet. This is a new area of BharatPe, which has long used traditional means to provide credit, electricity payments and other financial services to offline customers.
The deal will be beneficial to 3-year-old BharatPe, who will enable end customers to build a valuable set of services to strengthen the merchant’s footsteps and accelerate business growth.
According to Ashneer Grover, CEO and co-founder of BharatPe, the start-up will add a new dimension to merchant value proposition through acquisitions, “benefiting both BharatPe and PAYBACK brand promises. There is. ” India. “
He said this would be a game changer as the company is working to build India’s largest and most enthusiastic network of merchants. The company claims to have promoted payments of over Rs 1,600 to merchants over Rs 20,000 since its launch.
Fintech start-up BharatPe acquires rewards platform Payback India
Source link Fintech start-up BharatPe acquires rewards platform Payback India