Amazon Pay is in talks to acquire India’s all in one app Tapzo. As per official sources both the companies have been in talks about an acquisition for the past four months and now they are nearing an agreement.
Two sources revealed, “Both companies have given the green signal for the deal. If nothing goes wrong from here then it could be announced by the next month.”
The deal between Amazon Pay and Tapzo is valued around $40-45 million. The co-founders of Tapzo Ankur Singla and Vishal Pal Chaudhary are expected to get cash from Amazon Pay and some shares in it.
Initially, both the companies were not able to agree due to the valuation Amazon offered to Tapzo.
The sources said, “The fresh discussion resumed in July. Unlike last time, Tapzo agreed on the updated structure of the deal.”
As the acquisition discussion is new right now, the sources requested anonymity.
Tapzo is basically a super app that gives access to almost 35 apps to users in one go. These apps include Amazon, Flipkart, Uber, Ola, Zomato, Swiggy, Freshmenu, Faasos, and many more. Through Tapzo the users can recharge their phones, make the bill payment, order food, taxi and book bus and flight tickets.
One of the sources said, “Tapzo is likely to join Amazon Pay team in Malleshwaram West, Bengaluru.”
Tapzo has also started a new business line that is offering software related solutions and services on conventional bank’s platform. The new service is offered in India and in banks in the Middle East.