E-commerce giant Amazon has agreed to purchase Indian payments startup Emvantage Payments, for an undisclosed amount.
Emvantage, founded in 2012 by CEO Vivek Sagar, has developed a variety of payment solutions, which includes payment gateway, mobile payment solutions and pre-paid card solutions.
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Commenting on the deal, Amazon Payments India director Srinivas Rao said: "Emvantage is a valuable addition to our team as we accelerate our payment offerings, ensuring the best in class online payment experience anywhere that customers shop with us."
Following the acquisition, Emvantage’s employees will collaborate with Amazon India payment team to develop payment products and solutions specifically designed for the Indian market.
The acquisition is subject to customary closing, and is scheduled to be closed in first quarter of 2015.
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By GlobalData
