This acquisition is said to be done in the wake of increased competition from the rivals like Google Pay, Paytm, Flipkart’s PhonePe and WhatsApp’s payment service.
Tapzo has been picked up in a cash-and-stock deal valuing the company at $30-40 million by Amazon Pay India, says industry sources.
Sequoia-backed Tapzo was founded in 2009 Ankur Singla, Vishal Pal Chaudhury, Avinash Vankadaru, and Vishrut Chalsani. It has so far raised more than $20 million from Sequoia Capital and American Express Co., among others.
Earlier on Tuesday, Amazon India unveiled a new bill payments service. The service will help the customers in prepaid and postpaid bill payments on the Amazon Pay platform.
The company has also joined hands with several billers for mobile and broadband bill payments, among others for initiating the new service.