BharatPe has acquired Payback India. The company, however, did not disclose the financial details of the deal.

New Delhi: Payment and loan service provider BharatPe on Thursday said it has acquired Payback India from American Express and ICICI Investment Strategic Fund. The company, however, did not disclose the financial details of the deal. BharatPe said in a statement that this is the first acquisition by it and Payback India will become a wholly owned subsidiary of BharatPe.

Payback India was started in 2010. The number of its users in the country is more than 100 million. It has a network of over 100 offline and online partners and allows its customers to earn and redeem points on every transaction at their participating merchant outlets.

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Will add 2 crore traders by 2023The acquisition of Payback India is part of BharatPe’s strategy to build a strong network of over 20 million small merchants by 2023, the statement said. With this acquisition, BharatPe will be able to offer attractive offerings to its customers and accelerate its growth, the statement said.

Due to the acquisition, all employees of Payback India will become part of the BharatPe Group. Along with this, the board of Payback India will be reconstituted and senior officials of BharatPe will be included in it, according to the statement.

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