BharatPe, a merchant payment and loan service provider, announced the acquisition of Payback India from American Express and the ICICI Investments Strategic Fund on Thursday. However, the financial specifics of the deal were not disclosed by the corporation.
This is BharatPe’s first purchase, and Payback India will become a wholly-owned subsidiary of BharatPe, according to a release. Payback India, which debuted in 2010, is a multi-brand loyalty programme with approximately 100 million members in India. It has over 100 offline and online partners and allows customers to earn and redeem points on every purchase at its partner merchant locations.
According to the release, the purchase of Payback India is in keeping with BharatPe’s aim of building a robust and engaged network of over 20 million small merchants by 2023.
BharatPe will be able to improve its value offering for merchant partners by partnering with Payback India, according to the company.
Furthermore, it will allow BharatPe to develop a profitable set of solutions for end customers, which will increase footfall at merchants and drive the growth of their enterprises. All Payback India staff will be absorbed into the BharatPe group as a result of the transaction.
Suhail Sameer and Gautam Kaushik (Group Presidents at BharatPe), as well as Sumeet Singh, General Counsel at BharatPe, have joined the Payback India Board of Directors.
The senior leadership team at Payback India will be extended to focus on the loyalty programme for BharatPe’s six-million-plus merchants, according to the company.
The team will work closely with Gautam Kaushik to construct a new version of Payback India, managed by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Executive Officer of Payback India). Prior to joining BharatPe in February this year, Kaushik was the CEO and MD of Payback India.
ALSO READ: Gati Ltd intends to close two operations following a cold chain departure
Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.