BharatPe acquires loyalty platform PAYBACK India

Merchant payments and financial services provider, BharatPe has acquired a multi-brand loyalty platform, PAYBACK India, to help its 6 million offline merchants roll out rewards and loyalty programmes for customers. The acquisition is expected to give an exit to American Express and ICICI Investments Strategic Fund, which hold 90% and 10% stake respectively in the entity.

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PAYBACK India will continue to function independently, after the acquisition. The deal is expected to be worth $30 million, an individual aware of the discussions told Mint on condition of anonymity.

With this deal:

• BharatPe, which has traditionally been powering payments and providing credit and other financial services to offline merchants, enters a consumer-facing business.
• BharatPe will now also provide digital credit to customers and launch ‘Buy Now Pay Later’ (BNPL) services on the PAYBACK platform.
• PAYBACK India’s customers can also redeem their loyalty points and BNPL services at offline stores through the BharatPe quick response (QR) code.

Important takeaways for all competitive exams:

• Chief Executive Officer of BharatPe: Ashneer Grover;
• Headoffice of BharatPe: New Delhi;
• BharatPe Founded: 2018.

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