Indian fintech startup BharatPe acquires firm that offers loyalty programs

BharatPe Group has purchased loyalty program firm Payback India for an undisclosed sum, marking the Indian fintech player’s first acquisition as it looks to help its merchants increase customer footfall.

BharatPe team / Photo credit: BharatPe

Under the deal, Payback India will become a unit of BharatPe, which will absorb all Payback India employees. Meanwhile, Suhail Sameer and Gautam Kaushik, BharatPe’s group presidents, and Sumeet Singh, the company’s general counsel, will join the board of Payback India.

However, Payback India will continue operating under its current name, and there will be no impact on its existing customer and partner relationships, BharatPe said in a statement. The senior management at Payback India will also be expanded to cater to BharatPe’s merchants.

Launched in 2010, Payback India is a startup that offers loyalty programs to a network of over 100 offline and online partners. It allows its customers to earn and redeem points on every transaction at its partner merchant outlets.

“With the acquisition of Payback India, we will be able to add a whole new dimension to our merchant value proposition,” said Ashneer Grover, co-founder and CEO of BharatPe. “In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores.”

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The development is also in line with BharatPe’s goal to build an engaged network of over 20 million small merchants by 2023.