In a bid to build on and widen the scope of its payment offering, Amazon India’s payments unit, Amazon pay has acquired all in one services platform, Tapzo in a deal valuing the startup at about $40 million. It will ramp up its digital payments business in the country.
Tapzo CEO Ankur Singla did not respond to queries. While Amazon declined to comment on the acquisition, the company underlined its intent to enable digital payment offerings with maximum outreach.
Tapzo co-founders Ankur Singla and Vishal Pal Chaudhary are set to get some cash and shares of the Seattle-based online retail giant, one person said, adding that the deal was completed last week. They will join the Amazon Pay team in India and help build up the platform.
Interestingly, Amazon India announced the launch of bill payments under Amazon Pay on Tuesday, enabling recharges and payments for electricity, landline, broadband, gas and mobile phone bills. This new service offering comes on the back of the Tapzo acquisition, said one of the people.
Tapzo has been actively aggregating a number of app-based services – such as Uber, Ola, food delivery services Swiggy and Zomato, Book My Show, bill payment service BillDesk and more — into a single app.
The services offered by Tapzo will connect with the Amazon Pay’s strategy and will be subsumed into the Amazon Pay app.
Tapzo platform and its technology, along with the founders, will be a significant needle mover for Amazon Pay, which is locked in a battle with PhonePe and Paytm for a sizeable share of the market and is looking at services to boost transaction frequency.