Payments Company BharatPe Completes Acquisition Of Payback IndiaBharatPe

Fintech startup BharatPe has acquired Payback India from ICICI Investments Strategic Fund and American Express, making Payback a wholly-owned subsidiary of the Ashneer Grover-co-founded company.

The takeover is a part of BharatPe's plans to develop a robust, engaged network of more than 20 million small merchants by 2023. The company is looking to create attractive offerings for its end customers to increase merchants' footfalls and expedite their business growth.

Every employee of Payback India is now set to be integrated into the BharatPe group, whereas the former's senior leadership is expected to play a more prominent role in the loyalty programme for the six-million plus merchants of BharatPe.

However, Payback will continue to function under its current name and maintain its customer and partner relationships as BharatPe looks to boost its value proposition for its merchant partners.

"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," BharatPe CEO Grover was quoted in a report by the Financial Express.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber