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BharatPe acquires PAYBACK India

BharatPe, which empowers shop owners to accept payments from any payment app for free, has acquired PAYBACK India from American Express and ICICI Investments Strategic Fund, for an undisclosed amount. 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. It claims it will now be able to enhance its value proposition for the merchant partners. 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.

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