Fintech service platform Razorpay acquires offline payment company Ezetap. about

Fintech service platform Razorpay announced on Thursday that it has acquired an offline payment services provider Ezetapbecoming one of the few companies worldwide with a significant online and offline presence in payments.



According to sources, the deal is around $150-200 million. This is Razorpay’s sixth and largest acquisition to date.

The Ezetap team of approximately 300 employees will join Razorpay as an independent business unit.

“We believe that tomorrow’s businesses will not differentiate between physical and digital channels and expect a unified payment experience through a single integrated platform,” said Harshil Mathur, CEO and co-founder of Razorpay.

Ezetap provides software for financial technologies, including point-of-sales (POS) solutions, invoicing and loyalty solutions, enabling businesses to accept in-store and on-delivery payments.

It currently serves more than 500,000 points of contact, including: Amazon and BigBasket, and works closely with banks such as SBIA, HDFCICICI and Axis process more than $10 billion in annual transactions on their platform, among others.

“We are joining Razorpay’s product suite to jointly provide businesses with the best omnichannel payments experience and are excited about the limitless possibilities that both companies want to explore together in the omnichannel payments world,” said Byas Nambisan, CEO of Ezetap.

Before that, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch.

With a total payment value (TPV) of $80 billion as of April, Razorpay is looking at a trading base of 10-12 million by next year.

ALSO SEE :

RBI tightens standards for Chinese loan apps

GenZs, millennials turn to thrift stores to upgrade their wardrobe while saving the environment