Fintech unicorn Razorpay has acquired Mumbai-based digital invoicing and customer engagement startup BillMe.
The acquisition of BillMe will help Razorpay provide businesses with a hybrid model to engage better with end customers, the unicorn said in a statement. However, it didn’t disclose the financial details of the deal.
Founded in 2018 by Jai Hemrajani, Rupam Jain and Kuber Pritmani, BillMe offers paperless billing solutions and digital invoicing to businesses. The startup claims to have served over 4,000 businesses till date and manage over 15,000 retail POS. It counts the likes of McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis among its customers.
Razorpay said the acquisition will help it provide an integrated platform to the merchants, enabling them to access their own dashboards and also facilitate cross-sales, promotions, video embeds, banner advertisements, among others.
Commenting on the acquisition, Razorpay cofounder and MD Shashank Kumar said, “We are thrilled about getting a disruptor like BillMe on board. With the global digital receipts market size poised to reach $2.3 Bn by 2027, we aim to now anchor this massive opportunity for businesses and help them stand out by engaging and retaining their customers better while strengthening their marketing capabilities.”
With this acquisition, Razorpay aims to scale up a simple bill into a multidimensional tool for merchants to understand, engage, and target their customers much more effectively, he added.
“With Razorpay, we now have a large scope to deepen our tech expertise and create a difference for our businesses. Reinforcing integrations across all Point of Sale touchpoints enhances the value we aim to provide to our clients,” BillMe’s cofounder Pritmani said.
BillMe is Razorpay’s eighth acquisition. Last year, the fintech unicorn acquired a number of startups, including Ezetap, PoshVine, Curlec and IZeliant Technologies.
Besides acquisitions, RazorPay has also been launching new services and features. Last week, it launched ‘Razorpay UPI Autopay on QR’ in collaboration with the National Payments Corporation of India (NPCI). In July, it launched its first international payment gateway in Malaysia.
The expansion spree comes at a time when Razorpay is reportedly looking to follow in the footsteps of PhonePe and move back its parent entity to India from the US.
The unicorn posted a net profit of INR 7.3 Cr in FY22, a jump of 20% from INR 6.1 Cr in FY21. Its operating revenue soared 76% to INR 1,481 Cr from INR 841.2 Cr in the previous fiscal year.
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