Liquidity Events
BharatPe acquires loyalty platform Payback India for $30-M: report
New Delhi-based merchant payments and financial services provider BharatPe has acquired Mumbai-based multi-brand loyalty platform Payback India. The acquisition is expected to give an exit to American Express and ICICI Investments Strategic Fund, which hold a 90% and 10% stake, respectively, in the entity. The deal size is estimated at USD 30 million. With this acquisition, its first, BharatPe, which has traditionally been powering payments and providing credit and other financial services to offline merchants, enters a consumer-facing business. It will now also provide digital credit to customers and launch ‘Buy Now Pay Later' (BNPL) services on the Payback platform. Payback India's customers can also redeem their loyalty points and BNPL services at offline stores through the BharatPe QR code.
From the Venture Intelligence PE-VC Deal Database: From Aug-06 to May-10, Payback had raised over $27-M from Peepul Capital, ICICI Venture and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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