Merchant cost and lending service supplier BharatPe on Thursday mentioned 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 mentioned.
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 retailers.
The acquisition of Payback India is according to BharatPe’s technique to construct a strong and engaged community of over 20 million small retailers by 2023, the assertion mentioned.
With Payback India, BharatPe will be capable to 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 turn 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 function of the senior management workforce at Payback India will likely be expanded to additionally work on the loyalty programme for the six-million plus retailers of BharatPe, it added.
The workforce, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Executive Officer at Payback India), will likely be working intently 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 yr.
The firm (Payback India) will proceed working underneath its present title and there will likely be no influence on the prevailing buyer and associate relationships with Payback India that can proceed to roll out initiatives for prospects throughout India, the assertion famous.
“With the acquisition of Payback India, we will add a complete new dimension to our service provider worth proposition. In addition to the vary of cost and credit score merchandise which BharatPe provides to assist retailers scale their enterprise, we may even be capable to drive extra customers to their shops,” BharatPe co-founder and CEO Ashneer Grover mentioned.
He added that the corporate is dedicated to construct India’s largest and most engaged service provider community and this acquisition will likely be a “game-changer” in that regard.
“Users can gather factors whereas buying offline and on-line and profit from unique provides within the ordinary means, now at much more retailers with BharatPe.
We are satisfied that the nice Payback worth for purchasers is assured sustainably and in the long run with BharatPe as the brand new operator,” Markus Knorr, CFO of Payback Global, mentioned.
BharatPe at current offers a single interface for all current UPI apps and permits retailers to just accept UPI funds without spending a dime, by the BharatPe QR. It additionally helps retailers to entry credit score and different value-added providers.
Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the corporate presently serves over 60 lakh retailers throughout 100 cities. It processes over 10 crore UPI transactions per thirty 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 traders embrace Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.