News Update

Loyalty Platform PAYBACK India Acquired By BharatPe

• ByStartupStory     |    June 10, 2021

Multi-brand loyalty platform PAYBACK India acquired by BharatPe, from American Express and ICICI Investments Strategic Fund for an undisclosed amount, BharatPe announced. PAYBACK India acquired by BharatPe will ensure to make PAYBACK India, the country’s largest multi-brand loyalty programme with 100 million+ members, a wholly-owned subsidiary of BharatPe. This is the first-ever acquisition by BharatPe.

Speaking on PAYBACK India acquired by BharatPe , Ashneer Grover, Co-founder and CEO, BharatPe, said, “Our products have always been designed to empower the businesses of millions of small merchants and kirana store owners in India. With the acquisition of PAYBACK India, we will be able to add a whole new dimension to our merchant value proposition.” Suhail Sameer and Gautam Kaushik, Group Presidents, BharatPe, along with Sumeet Singh, General Counsel, BharatPe, have joined the Board of PAYBACK India.

All PAYBACK India employees will become part of the BharatPe Group. However, PAYBACK India will continue operating under its current name and there will be no impact on the existing customer and partner relationships with PAYBACK India. It will continue to roll out initiatives to offer value for all customers across India.

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