Amazon Pay India, the payment arm of e-commerce group Amazon’s India subsidiary, has acquired Tapzo, an India-based app aggregator backed by payment services firm American Express, LiveMint reported yesterday.
The deal was conducted in a mix of cash and stock and although the transaction was not officially confirmed, people familiar with the matter told LiveMint the deal is worth between $30m and $40m.
Operated by Coraza Technologies, Tapzo runs an app aggregation platform that gives users access to third-party apps such as e-commerce sites Flipkart and Amazon, as well as ride-sharing companies Uber and Ola.
The company originally operated a complaint redressal forum called Akosha, before relaunching as personal assistant platform Helpchat and eventually pivoting to its current name and business model in 2016.
The entire Tapzo team will join Amazon as part of the acquisition deal.
Tapzo most recently obtained approximately $1.9m in funding from RuNet and RB Investments in January 2018, following a series C round of undisclosed size led by American Express Ventures, the corporate venturing unit of American Express, in 2016.
Sequoia Capital and East Capital also contributed to the series C round, which followed $21.6m in earlier funding, including $16m in series B capital led by Sequoia in 2015.