Reported by: banking|Updated: June 20, 2021
BharatPe has acquired PAYBACK India from American Express and ICICI Investments Strategic Fund, for an undisclosed amount. The first-ever acquisition is in line with BharatPe’s strategy to build a robust and engaged network of over 20 million small merchants by 2023.
With PAYBACK India, BharatPe will be able to enhance its value proposition for the merchant partners. Additionally, it will enable BharatPe 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 tise acquisition, we will be able to add a whole new dimension to our merchant value proposition. We will also be able to drive more consumers to their stores. We are committed to build India’s largest and most engaged merchant network and this acquisition will be a game-changer in that regard.”
Adsd Gautam Kaushik, Group President, BharatPe , “ We aim to empower the offline merchants with the ability to offer additional rewards, coupons or cashbacks to customers, to drive sales and customer stickiness. PAYBACK has a very large customer base (100m+).”