Amazon Pay to acquire Bengaluru-based Tapzo

Amazon Pay to acquire Bengaluru-based Tapzo
Amazon Pay to acquire Bengaluru-based Tapzo

Amazon Pay India, Amazon India's payments arm, has acquired Bengaluru-based app aggregator Tapzo to ramp up its digital payments business in the country amid increased competition from rivals. Amazon Pay India picked up Tapzo in a cash-and-stock deal valuing the company at $30-40 million. Sequoia-backed Tapzo has so far raised over $20 million from Sequoia Capital and American Express Co., among others, since it was founded in 2009 by Ankur Singla, Vishal Pal Chaudhury, Avinash Vankadaru, and Vishrut Chalsani. Amazon also launched a new bill payments service, which will enable prepaid and postpaid bill payments on the Amazon Pay platform. As part of the new service, the company has tied up with hundreds of billers for electricity, mobile and broadband bill payments, among others. Over the past two years, Amazon has been aggressively investing in building its payments business in India and has invested in several payments and fintech start-ups to boost its own offerings. In its current avatar, Tapzo allows users to access over 35 apps, including Flipkart, Amazon, Uber and Ola. As part of the deal with Amazon, Singla and his team at Tapzo will join the online retailer.

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