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On April 13, 2021, it was announced that Malaysian startup Fave was acquired by Indian firm Pine Labs in a deal valued at US$45 million.
A merchant commerce platform specializing in loyalty programs and payment services, Fave has been operating in Malaysia, Indonesia, and Singapore since 2016 after it acquired Groupon Inc’s businesses in said markets.
Since then, it has helped approximately six million customers all over the Southeast Asia (SEA) region accumulate around US$400 million in retail savings across over 40,000 retailers in the region.
Now, Pine Labs is looking for Fave to help them achieve the same effect in India and consequently attract an even larger consumer base for its merchant partners, which include retail, food and beverage (F&B), fashion, and fast-moving consumer goods (FMCG).
IMAGE: The Malaysian Reserve
This means that Indian consumers in the country will soon be able to use the platform to save on purchases at more than 500,000 merchants across 3,700 Indian cities – all of which are already supported by Pine Labs.
Quick start in India.
There are already plans to launch Fave Pay in India within the next 30 days, which will then be followed by partnerships with merchants to offer consumers rewards, coupons, and redemptions.
“Pine Labs has been a great partner and investor for us, and it only make sense for us to join our synergies together and work towards our shared vision of building a truly global consumer and merchant platform,” said CEO and co-founder of Fave Joel Neoh. “India has the digital advantage with young demography, growing aspirational middle class with rising disposable income and increasing digital savviness.”
“We are confident that the Asia-Pacific e-payments landscape will continue to achieve exponential growth in the coming decade. Together, we will be stronger, faster and better.”
Fave co-founder and CEO Joel Neoh. IMAGE: The Edge Markets
Prior to acquiring Fave, Pine Labs had already been an established player in the e-commerce game, serving merchants of all sizes across Asia and the Middle East with is cloud-based payment services and merchant commerce solutions. These include enterprise tools such as inventory management and customer service management.
The acquisition now comes as Pine Labs looks to leverage on the growth of Unified Payments Interface (UPI) – India’s real-time interbank payment system governed by the Reserve Bank of India. As of March 2021, UPI transactions hit the 2.7 billion, and Pine Labs has similarly recorded a 171 percent UPI transaction growth over the last two quarters.
As a result of the acquisition, Fave’s founders will also become responsible for leading the group’s overall consumer platform across Asia, and the group will also be looking to bring on board approximately 100 new hires in SEA and India to help them increase product adoption in both regions.
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ที่มา : Mashable