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BharatPe has acquired 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. PAYBACK India will continue to function independently, after the acquisition.
More to know
The deal is expected to be worth $30 million, an individual aware of the discussions told Mint on condition of anonymity. It also marks BharatPe’s first acquisition since its inception in 2018.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.