Amazon has reportedly acquired an all-in-one app platform Tapzo in India. According to two people aware of the deal, Amazon has cracked a part-stock and part-cash deal worth $40-45 million with Tapzo, reports ET.
Tapzo, which was founded as Akosha in 2010, is an all-in-one app platform that allows users to access over 35 apps including Amazon, Flipkart, Ola and Uber. The company’s co-founders Ankur Singla and Vishal Pal Chaudhary, afterthe deal, will reportedly join the Amazon Pay team in India and help build up the platform. Amazon did not comment on the acquisition, and neither of the Tapzo co-founders have said anything on the deal so far.
“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,” report quoted Amazon spokesperson.
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Tapzo raised about Rs 25 crore across two internal rounds of funding in January and June this year from Singapore-based RB Investments and Ru-Net, according to ET. The firm was valued at Rs 600 crore in 2016 when it raised about $5 million from Sequoia Capital.
The company has also been backed by American Express Ventures apart from Sequoia Capital, RB Investments and Ru-Net, among others. It’s been reported that Tapzo was struggling to expand its transaction volumes. Recently, the company’s valuation had dropped by almost 45 percent after the funding earlier this year. After the Amazon Pay acquisition, Tapzo’s investors will reportedly exit with a cash payout.