According to Business Standard, this is the first acquisition by BharatPe and will make Payback India a wholly-owned subsidiary of BharatPe. BharatPe's investors include Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
Furthermore, the acquisition of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023, as thanks to the initiative, BharatPe will improve the value proposition for its merchant partners. Additionally, the acquisition will allow BharatPe to build a lucrative set of offerings for end customers, that will enhance footfalls at merchants and accelerate the growth of their businesses.
Payback India will continue operating under its current name and there will be no impact on the existing customer and partner relationships with Payback India that will continue to roll out initiatives for customers across India. However, the company did not disclose the financial details of the transaction, Business Standard reported.
Payback India is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets.
BharatPe provides a single interface for all existing UPI apps and allows merchants to accept UPI payments for free, through the BharatPe QR. It also supports merchants to access credit and other value-added services.
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