BharatPe acquires PAYBACK India from American Express, ICICI Investments Strategic Fund

Financial services provider BharatPe has acquired multi-brand loyalty platform PAYBACK India from American Express and ICICI Investments Strategic Fund, the company said on June 10.

While the company did not comment on the deal size, it is expected to be in the range of $28-30 million, according to people privy to the development.

The acquisition will give exit to the latter's investors American Express and ICICI Investments Strategic Fund, which hold 89 percent and 11 percent stake in the company, respectively. This is the first-ever acquisition by BharatPe and will make PAYBACK India, with over 100 million members, a wholly-owned subsidiary of BharatPe.

With PAYBACK India, BharatPe will be able to build a lucrative set of offerings for end customers that will enhance footfalls at merchants and accelerate the growth of their businesses.