Amazon Pay To Acquire App Platform Tapzo
Amazon Pay, the payments arm of Amazon India, will acquire Sequoia-backed Tapzo as the e-commerce giant looks to strengthen its play in the country's growing digital payments space.
The deal values Tapzo—a platform for aggregating over 35 apps, including those of Uber Technologies Inc., Ola and Swiggy—at about $35-40 million, according to sources close to the development.
"Our commitment to the vision of a less-cash India remains the same,” said an Amazon spokesperson, who refused to comment on the deal. “Our goal is to simplify digital payments by improving the customer experience, affordability...”
A Tapzo spokesperson was unavailable for comment.
Tapzo underwent multiple name changes since its launch in 2010—from Akosha to Helpchat and then finally Tapzo in 2016. The Bengaluru-headquartered startup raised Rs 100 crore in funding from Sequoia India and Ru-Net in May 2015, followed by an undisclosed amount in a round led by American Express Ventures.
Currently, Tapzo allows users to transact with 35 companies, across segments like food delivery, cab hailing and bus ticket booking, on its platform. It claims to have a customer base of over five million users.