Amazon Pay said to acquire Tapzo in digital payments push

Amazon Pay said to acquire Tapzo in digital payments push 1

Amazon Pay, global e-commerce giant Amazon‘s payment platform, has acquired “all-in-one” app Tapzo, in order to expand its payment services.

The deal is expected to be a combination of stock and cash worth ₹282-317 crores, according to people aware of the transaction.

Post acquisition, the co-founders of Tapzo are expected to receive some cash and share in the global e-tailer Amazon. The co-founders will also be joining the Amazon Pay team, to help strengthen the platform.

New Delhi-based Tapzo was founded as Akosha by Ankur Singla and Vishal Pal Chaudhary in 2010. It is a multi-service app that enables users to access more than 35 apps through its platform, including, Ola, Uber, Swiggy, Zomato, among many others.

The app offers various services for customers to make mobile, DTH and data card recharges, bill payments, order cabs and food, book flight and bus tickets and avail of home services, among others.

Tapzo’s technology platform and its founders’ experience will be instrumental in helping Amazon Pay to expand market share, as it competes with Paytm and Flipkart-owned PhonePe in digital payments domain.

“It would have taken Amazon Pay up to two years to build an entire stack of service offerings to enable efficient use-cases for its payment platform. So this acquisition helps them save time and also enables them to spread their cashback offers across a host of services immediately,” said a person aware of the deal.

Earlier this year, Tapzo had raised ₹25 crores over two internal rounds of funding in January and June from RB Investments and Ru-Net. It also counts Sequoia Capital and American Express Ventures, among its investors.

Tapzo was valued at ₹600 crores in 2016 when it raised around $5 million from Sequoia Capital.

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Written by Udit Agarwal

Startup/Tech News Correspondent, Responsible for gathering information on the tech companies working on IOT, AI, ML, Cloud, Mobile Technologies,

Udit can be reached at [email protected]

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