BharatPe acquires Payback India – Times of India

BharatPe acquires Payback India - Times of India

NEW DELHI: Business loan and payment service provider BharatPe said Thursday that it has acquired Indian investment payback from American express and ICICI Strategic Investment Fund.
However, the company did not disclose the financial details of the transaction.
This is BharatPe’s first acquisition and will make Payback India a wholly owned subsidiary of BharatPe, according to a statement.
Payback India, launched in 2010, is a multi-brand loyalty program with over 100 million members in the country. It has a network of more than 100 online and offline partners and allows its customers to earn and redeem points on each transaction at its associated points of sale.
The acquisition of Payback India is in line with BharatPe’s strategy of building a strong and committed network of more than 20 million small merchants by 2023, according to the statement.
With Payback India, BharatPe will be able to improve its value proposition for business partners, he added.
In addition, it will allow BharatPe to build a lucrative set of offers for end customers, which will improve the influx of public to the merchants and accelerate the growth of their businesses.
As a result of the acquisition, all Payback India employees will become part of the BharatPe group.
Suhail Sameer and Gautam Kaushik (Group Chairs in BharatPe) along with Sumeet Singh, General Counsel of BharatPe, have joined the Board of Payback India.
The role of the senior leadership team at Payback India will be expanded to also work on the loyalty program for BharatPe’s more than six million merchants, he added.
The team, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (CEO of Payback India), will work closely with Gautam Kaushik to build a new version of Payback India.
In particular, Kaushik was the CEO and CEO of Payback India before joining BharatPe in February this year.
The company (Payback India) will continue to operate under its current name and there will be no impact on existing customer and partner relationships with Payback India who will continue to implement customer initiatives across India, the statement said.
“With the acquisition of Payback India, we will be able to add a whole new dimension to our business value proposition. In addition to the range of payment and credit products that BharatPe offers to help merchants scale their businesses, we will also be able to attract more consumers to their stores, “said BharatPe Co-Founder and CEO Ashneer Grover.
He added that the company is committed to building the largest and most committed business network in India and this acquisition will be a “game changer” in that regard.
“… Users can accumulate points while shopping offline and online and benefit from exclusive offers in the usual way, now in even more stores with BharatPe. We are convinced that the great recovery value for customers is guaranteed in a sustainable way already long-term BharatPe as the new operator, “said Markus Knorr, Chief Financial Officer of Payback Global.
BharatPe currently provides a single interface to all existing UPI applications and allows merchants to accept UPI payments for free, via BharatPe QR. It also helps merchants access credit and other value-added services.
Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the company currently serves more than 60 lakh merchants in 100 cities. It processes more than Rs 10 crore of UPI transactions per month (annualized transaction processed value of over USD 10 billion) and facilitated the disbursement of loans totaling over Rs 1.6 billion to its merchants since launch.
BharatPe investors include Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.


Source link