BharatPe announced the first-ever acquisition with PAYBACK India from American Express and ICICI Investments Strategic Fund, for an undisclosed amount. The program will have above 100 million members.
The move to benefit 6 million BharatPe merchants in attracting new customers
BharatPe announced the first-ever acquisition with PAYBACK India from American Express and ICICI Investments Strategic Fund, for an undisclosed amount. The program will have above 100 million members.
With PAYBACK India, BharatPe will be able to enhance its value proposition for the merchant partners.
“With the acquisition of PAYBACK India, we will be able to add a whole new dimension to our merchant value proposition. We are committed to building India’s largest and most engaged merchant network and this acquisition will be a game-changer in that regard. We are very selective about strategic partnerships and acquisitions, and believe this is a win-win to meet the brand promises of both BharatPe and PAYBACK India,” said Ashneer Grover, Co-Founder and CEO, BharatPe.
The acquisition will build a lucrative set of offerings for end customers that will enhance footfalls at merchants and accelerate the growth of their businesses. As a result of the acquisition, all PAYBACK India employees will become part of the BharatPe group.
“Consumers today are very aware, and make their choice of purchase based on convenience and value. We aim to empower the offline merchants with the ability to offer additional rewards, coupons, or cashback to customers, to drive sales and customer stickiness,” said Gautam Kaushik, Group President, BharatPe.
“Users can collect points while shopping offline and online and benefit from exclusive offers in the usual way, now at even more merchants with BharatPe. We are convinced that the great PAYBACK value for customers is guaranteed sustainably and in the long term with BharatPe as the new operator“, said Markus Knorr, CFO, PAYBACK Global.