Digital payments and cashback company Zaggle has acquired online payments startup Click & Pay in a cash and stock deal. The 25-member Click & Pay team is set to join Zaggle’s over 150 member team after the acquisition.
This acquisition will help Zaggle develop an expense management system that will add value to its users leveraging the services provided by Zaggle.
Zaggle was founded in 2011 by Phani N. Raj, a serial entrepreneur, and seed investor. Zaggle helps individuals and corporates to enjoy gifts across multiple channels by giving its users option in various forms like employee rewards and recognition, online shopping cashback, restaurant cashback, and employee benefits.
Since its launch, Zaggle has grown to six offices across India, with over 1,000 clients, over 1,500 merchant relationships, over 6,00,000 gift cards in the market, and more than 2,50,000 downloads on the Zaggle app. Some of its clients include many big names like Infosys, Oracle, Airtel, Vodafone, Legrand, Schneider Electric, among many others.
Click & Pay was founded by Kalyan Karteek in 2015. It provides a platform for secure and flexible online cashless payment. Its platform also helps users to make payments by helping them find the best offers in their locality and provides cashbacks on successful transactions. It also helps the merchants to identify the users spending patterns, which can be used to stimulate spending.
Talking about the partnership, Kalyan Karteek, Founder and CEO, Click & Pay, said, “This partnership would help create a vibrant corporate ecosystem where millions of corporates get the opportunity of consolidating and centralizing all travel, health and entertainment billings that help keep a tab on expenses,”.
There are many other notable players in the expense management and cashback space include Zeta, Finly, Numberz, Happay, Chargebee, Niyo Solutions, among others. Other players in the cashback deals industry making their mark are Nearbuy (bought by Paytm), mydala, CouponDunia, CashKaro, among others.