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BharatPe on Thursday announced the acquisition of PAYBACK India from American Express and ICICI Investments Strategic Fund.
It did not disclose the transaction value.
Also read: BharatPe signs strategic partnership with ICC
“This is the first-ever acquisition by BharatPe and will make PAYBACK India, the country’s largest multi-brand loyalty program with over 10 crore members, a wholly-owned subsidiary of BharatPe,” it said in a statement.
The acquisition of PAYBACK India is in line with BharatPe’s strategy to build a robust and engaged network of over two crore small merchants by 2023, it further said.
The acquisition will help BharatPe enhance its value proposition for merchant partners and also help it 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 its existing customer and partner relationships. It will also continue to roll out initiatives to offer value for all customers.
All PAYBACK India employees will now become part of the BharatPe group.
Suhail Sameer and Gautam Kaushik, Group Presidents, BharatPe, along with Sumeet Singh, General Counsel, BharatPe, have joined the Board of PAYBACK India, the company said in the statement.
Further, the role of the senior leadership team at PAYBACK India will be expanded to include the loyalty program for the over 60 lakh merchants of BharatPe.
“With the acquisition of PAYBACK India, we will be able to add a whole new dimension to our merchant value proposition. In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores,” said Ashneer Grover, Co-Founder and CEO, BharatPe.
Also read: BharatPe raises ₹50 crore in debt from Northern Arc Capital
“It was our top priority to ensure that for the members of the successful PAYBACK India program there would be no changes and that the great customer experience would also be maintained: 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,” said Markus Knorr, CFO, PAYBACK Global.
Launched in 2010, PAYBACK India has a network of more than 100 offline and online partners. Customers can earn and redeem points on every transaction at its partner merchant outlets
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