Amazon Pay, Payment unit of Amazon India has acquired Tapzo, all in one assistant app. According to sources, Amazon has paid $40 Million for the acquisition in part stock and part cash. Tapzo’s founders are likely to get on board Amazon Pay’s team in India.
“Our commitment to the vision of a less-cash India remains the same. Our goal is to make it easier than ever before for customers to make digital payments by improving the customer experience, affordability and daily routines,” said a spokesperson for the company.
Tapzo sits perfectly within Amazon strategy of increasing frequency and transactions for its Amazon Pay business. In India Amazon pay competes with PhonePay and Paytm for a sizeable share of the market. Amazon would cut down its time to market by nearly 18 months and get a team that has in-depth experience of API-driven commerce.”
Just today, Amazon India announced the launch of its bill payments facility, which allows users to pay electricity, landline, broadband, gas and postpaid bills across more than 100 billers. Customers can access these categories through the Amazon Pay dashboard, and Amazon homepage on the mobile app or website.
Tapzo was founded as Akosha in 2010 by Ankur Singla, Vishal Pal Chaudhary, Vishrut Chalsani, and Avinash Vankadaru. it was later renamed. Tapzo acts as an aggregator platform that allows users to access over 35 apps including Amazon, Flipkart, Ola, Uber, and more from its interface. It had been struggling very hard to grow its transactional volume and went under several pivot and rebranding in the past. Late last year, the firm also offered financial products and services on its platform for which it tied up with online financial services platform BankBazaar and online lending firm IndiaLends.
Currently, Tapzo has 5 million installs on Google’s Play Store with over 200,000 ratings with an average of 4.5 stars. It is one of the highest rated transactions apps in India.
The previous investors of Tapzo include RB Investments(unverified) and American Express Ventures, Ru-Net and Sequoia Capital(verified).