Service provider fee and lending service supplier BharatPe on Thursday mentioned it has acquired Payback India from American Categorical and ICICI Investments Strategic Fund. The corporate, nonetheless, didn’t disclose the monetary particulars of the transaction. That is the first-ever acquisition by BharatPe and can make Payback India a wholly-owned subsidiary of BharatPe, a press release mentioned.
Payback India – launched in 2010 – is a multi-brand loyalty programme with over 100 million members within the nation. It has a community of greater than 100 offline and on-line companions and permits its prospects to earn and redeem factors on each transaction at its companion service provider retailers.
The acquisition of Payback India is according to BharatPe’s technique to construct a sturdy and engaged community of over 20 million small retailers by 2023, the assertion mentioned.
With Payback India, BharatPe will have the ability to improve its worth proposition for the service provider companions, it added. Moreover, it’ll allow BharatPe to construct a profitable set of choices for finish prospects, that may improve footfalls at retailers and speed up the expansion of their companies. On account of the acquisition, all Payback India staff will develop into a part of the BharatPe group.
Suhail Sameer and Gautam Kaushik (Group Presidents at BharatPe) together with Sumeet Singh, Normal Counsel of BharatPe, have joined the Board of Payback India. The function of the senior management group at Payback India can be expanded to additionally work on the loyalty programme for the six-million plus retailers of BharatPe, it added.
The group, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Government Officer at Payback India), can be working carefully with Gautam Kaushik to construct a brand new model of Payback India.
Notably, Kaushik was the CEO and MD of Payback India previous to becoming a member of BharatPe in February this 12 months.
The corporate (Payback India) will proceed working below its present identify and there can be no influence on the prevailing buyer and companion relationships with Payback India that may proceed to roll out initiatives for prospects throughout India, the assertion famous.
“With the acquisition of Payback India, we can add an entire new dimension to our service provider worth proposition. Along with the vary of fee and credit score merchandise which BharatPe gives to assist retailers scale their enterprise, we may also have the ability to drive extra shoppers to their shops,” BharatPe co-founder and CEO Ashneer Grover mentioned.
He added that the corporate is dedicated to construct India’s largest and most engaged service provider community and this acquisition can be a “game-changer” in that regard.
“Customers can gather factors whereas purchasing offline and on-line and profit from unique gives within the traditional manner, now at much more retailers with BharatPe.
We’re satisfied that the good Payback worth for patrons is assured sustainably and in the long run with BharatPe as the brand new operator,” Markus Knorr, CFO of Payback World, mentioned.
BharatPe at current offers a single interface for all present UPI apps and permits retailers to simply accept UPI funds without spending a dime, via the BharatPe QR. It additionally helps retailers to entry credit score and different value-added providers.
Based in 2018 by Ashneer Grover and Shashvat Nakrani, the corporate at present serves over 60 lakh retailers throughout 100 cities. It processes over 10 crore UPI transactions per thirty days (annualised Transaction Processed Worth of greater than USD 10 billion) and facilitated disbursement of loans totaling to over Rs 1,600 crores to its retailers since launch.
BharatPe’s buyers embody Coatue Administration, Ribbit Capital, Perception Companions, Steadview Capital, Beenext, Amplo and Sequoia Capital.