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BharatPe acquires loyalty platform PAYBACK India
June 10, 2021
Merchant payments and financial services provider BharatPe has acquired a multi-brand loyalty platform, PAYBACK India, to help its 6 million offline merchants carry out rewards and loyalty programs for clients.
The procurement is required to give an exit to American Express and ICICI Investments Strategic Fund, which hold 90% and 10% stake individually in the entity. Restitution India will keep on working autonomously, after the procurement.
The deal is relied upon to be valued at $30 million, an individual aware of the conversations told Mint on the state of anonymity. It likewise denotes BharatPe’s first procurement since its origin in 2018.
With this deal, BharatPe, which has customarily been controlling payments and giving credit and other financial services to offline dealers, enters a consumer-facing business.
BharatPe will presently additionally give digital credit to clients and launch ‘Buy Now Pay Later’ (BNPL) services on the PAYBACK platform. PAYBACK India’s clients can likewise recover their loyalty points and BNPL services at offline stores through the BharatPe quick response (QR) code.
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