BharatPe acquires PAYBACK India

BharatPe has acquired multi-brand loyalty platform PAYBACK India from American Express and ICICI Investments for an undisclosed amount. However, it is expected to be in the range of $28-30 million.

This is the first-ever acquisition by BharatPe and is in line with its strategy to build a robust and engaged network of over 20 million small merchants by 2023. The role of the senior leadership team at PAYBACK India will be expanded to also work on the loyalty program for the 6 million plus merchants of BharatPe.

It claims it will now be able to enhance its value proposition for the merchant partners. all PAYBACK India employees will become part of the BharatPe group. Suhail Sameer and Gautam Kaushik, Group Presidents, BharatPe along with Sumeet Singh, General Counsel, BharatPe, have joined the board of PAYBACK India.

The acquisition will also enable the company to build a lucrative set of offerings for end customers that will enhance footfalls at merchants and accelerate the growth of their businesses.

Ashneer Grover, Co-founder and CEO, BharatPe, says with the acquisition, the company will be able to drive more consumers to the stores. PAYBACK India has a large customer base of 100 million plus.