Service provider fee and lending service supplier BharatPe on Thursday stated it has acquired Payback India from American Specific 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, an announcement stated.
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 clients to earn and redeem factors on each transaction at its companion service provider retailers.
The acquisition of Payback India is in step with BharatPe’s technique to construct a strong and engaged community of over 20 million small retailers by 2023, the assertion stated.
With Payback India, BharatPe will be capable to improve its worth proposition for the service provider companions, it added. Moreover, it should allow BharatPe to construct a profitable set of choices for finish clients, that can improve footfalls at retailers and speed up the expansion of their companies. On account of the acquisition, all Payback India staff will change 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 position of the senior management crew at Payback India might be expanded to additionally work on the loyalty programme for the six-million plus retailers of BharatPe, it added.
The crew, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Government Officer at Payback India), might be working intently 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 yr.
The corporate (Payback India) will proceed working below its present identify and there might be no influence on the present buyer and companion relationships with Payback India that can proceed to roll out initiatives for clients throughout India, the assertion famous.
“With the acquisition of Payback India, we will add a complete new dimension to our service provider worth proposition. Along with the vary of fee and credit score merchandise which BharatPe provides to assist retailers scale their enterprise, we may also be capable to drive extra shoppers to their shops,” BharatPe co-founder and CEO Ashneer Grover stated.
He added that the corporate is dedicated to construct India’s largest and most engaged service provider community and this acquisition might be a “game-changer” in that regard.
“Customers can gather factors whereas buying offline and on-line and profit from unique provides within the common approach, now at much more retailers with BharatPe.
We’re satisfied that the good Payback worth for purchasers is assured sustainably and in the long run with BharatPe as the brand new operator,” Markus Knorr, CFO of Payback International, stated.
BharatPe at current supplies a single interface for all current UPI apps and permits retailers to just accept UPI funds totally free, by means of 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 monthly (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.