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.
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