BharatPe has acquired multi-brand loyalty programme provider Payback India from American Express and ICICI Investments Strategic Fund.
Financial details of the deal, which is a first for BharatPe, have not been shared.
Launched in 2010, Payback India is said to have over 100 million members across the country and a network of more than 100 offline and online partners.
The platform allows customers to earn and redeem points on every transaction at its partner merchant outlets.
The acquisition builds on BharatPe’s strategy to develop a network of more than 20 million small merchants by 2023.
Following the transaction, Payback India employees will join the BharatPe group.
Payback India will become a wholly-owned subsidiary of BharatPe and will retain its current brand name.
BharatPe Group presidents Suhail Sameer and Gautam Kaushik, and BharatPe general counsel Sumeet Singh have joined the board of Payback India.
Payback India managing director Pramod Mahanta and CEO Rijish Raghavan will work closely with Kaushik to develop a new version of Payback India.
BharatPe plans to expand Payback India’s loyalty programme to include its more than six-million merchants.
Kaushik worked with Payback India as managing director and CEO before joining BharatPe in February this year.
Founded in 2018, BharatPe aims to enhance financial inclusion among Indian merchants.
The company claims to have launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service, and first UPI payment-backed merchant cash advance service.