Amazon announced on Tuesday that it has agreed to acquire Emvantage, an online payments startup based in India. Terms were not revealed and the deal is expected to close this quarter.
Emvantage is an online payments platform provider, helping clients process online transactions paid for with credit cards, debit cards, mobile payment tools, and pre-paid wallets. The acquisition will help Amazon as it continues to invest in India’s fast-growing e-commerce market.
“We are laser focused on providing customers in India with a convenient and trust worthy shopping experience” Srinivas Rao, Director Amazon Payments India, said in a statement. “Emvantage is a valuable addition to our team as we accelerate our payment offerings, ensuring the best in class online payment experience anywhere that customers shop with us.”
A recent Fortune cover story described Amazon’s commitment to “invade India” and “conquer the next trillion-dollar market.”
“The company predicts that India will be its biggest market after the U.S. within a decade and that the Indian e-commerce market as a whole will ultimately be gigantic,” Fortune noted last month in its story.
Emvantage employees will join Amazon as a result of the acquisition. Amazon, which competes with India-based e-commerce companies like Flipkart and Snapdeal, has not made many acquisitions over the past 22 years when compared to some of its peers in the tech industry. Its larger purchases include online shoe retailer Zappos ($928 million), robot systems maker Kiva Systems ($775 million), Diapers.com operator Quidsi ($545 million), and most recently game-streaming service Twitch ($970 million).
