Razorpay ventures into offline payments with acquisition of Ezetap
Razorpay announces its foray into the world of offline payments with the acquisition of Ezetap. The size of the transaction is between 150 and 200 million dollars.
One of India’s leading comprehensive financial services companies, Razorpay has announced its foray into the world of offline payments with the acquisition of Ezetap, a universal payment platform. The size of the transaction is between 150 and 200 million dollars.
Founded in 2011, Ezetap is India’s leading offline POS company that was founded with the aim of simplifying the in-person offline payment experience. With this acquisition, Razorpay will be one of the few companies in the world with a significant online and offline presence in payments. This is Razorpay’s sixth and largest acquisition to date.
As digital penetration increases across India, offline payments remain a vital part of the ecosystem. And Ezetap claims to have transformed the way offline payments are made. The company provides software for fintech, including point-of-sale (POS) solutions, invoicing, loyalty solutions among others, enabling businesses to accept in-store and cash-on-delivery payments.
The company currently serves over 500,000 touchpoints including Amazon and BigBasket, works closely with India’s largest banks including SBI, HDFC, ICICI and Axis Bank, and processes over $10 billion in annual transactions on its platform.
Over the past two years, companies have taken a hybrid approach to reaching their customers post-pandemic. Today, it is no longer enough to offer both online and offline payments, but to marry the two seamlessly for a truly omnichannel experience. This partnership with Ezetap will enable Razorpay to become India’s largest omnichannel payment solution for all businesses.
A “hybrid” or “omnichannel” payment experience has enormous potential to redefine customer experiences and, in turn, help businesses retain customers. It is therefore relevant for companies seeking sustainable growth to make the “omnichannel payment experience” a default option for their customers.
Commenting on the announcement of a new journey, Harshil Mathur, CEO and co-founder of Razorpay, said, “We are delighted with this new decision and delighted to welcome Ezetap to the Razorpay family as we take our first step together. in the transformation of omnichannel payments in India. There is a huge opportunity to redefine omnichannel payments that this acquisition offers.”
“We believe that tomorrow’s businesses will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform, both in the offline and online world. And We’re excited that the new innovations coming through this acquisition will deliver exactly that – a seamless, hassle-free and secure omnichannel payment experience, bringing businesses closer to their customers.
He added: “With Ezetap on board, we believe we are well positioned to create similar disruption to online payments and simplify in-person payments with the same passion and effort we have put into online payments. We are thrilled that with this acquisition, we will be one of the forerunners of this revolutionary change in omnichannel payment.”
Razorpay believes the acquisition of Ezetap will bring the company closer to offline businesses, understand their needs – regardless of size, nature or location – and help businesses access simple yet powerful payment and banking solutions. that can help them achieve unlimited growth.
Ezetap CEO, Byas Nambisan said, “It is an exciting time at Ezetap. Over the past eleven years, we have strived to create a robust payment ecosystem for thousands of offline businesses so that ‘they can accept any method of payment from their customers, through every touchpoint.
Today, we have reached greater heights only thanks to the trust of our customers, investors, partners and our phenomenal team. Thank you for believing in our vision, we couldn’t have done it without you!”
He added, “And now we are really excited about our next adventure – our next phase of growth as part of the Razorpay family. We share Razorpay’s vision to simplify payments and banking for Indian businesses, to be available wherever their customers are and to be a single banking and payment platform across all channels.And this step brings us at Ezetap closer to realizing this dream.
We join Razorpay’s suite of products to collectively provide businesses with the best-in-class omnichannel payment experience and are excited about the limitless possibilities that together the two companies seek to explore in the world of omnichannel payment. »
Razorpay believes Ezetap’s technology stack will now advance the company’s mission of creating a single unified platform that powers transactions across both physical and online storefronts. The entire Ezetap team of approximately 300 employees will join the Razorpay family as an independent business unit within Razorpay.
Prior to that, Razorpay acquired IZealiant Technologies, a leading Fintech startup that provides payment technology solutions to banks in March 2022 and prior to that, the company acquired Malaysia-based Curlec, a recurring revenue platform from foreground in February 2022, announcing its expansion into the Southeast. Asia.
Other previous acquisitions include TERA Finlabs, (AI-based risk technology SaaS platform) in 2021, Opfin (payroll and HR management solution) in 2019 and Thirdwatch (AI Fraud platform) Analytics) in 2018.
Founded in 2014, Razorpay provides technology payment solutions to over 8 million businesses. With $80 billion in POS in April 2022, Razorpay now envisions a merchant base of 10-12 million by next year. The fintech unicorn is at the forefront of India’s digital financial revolution, building the central nervous system of Digital India, with a clear dominance in digital payments and its fast-growing neo-bank arm, RazorpayX.
Renowned investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of $741.5 million through the Series A, B, C, D, E and F Funding. A few angel investors have also invested in Razorpay’s mission to simplify payments and banking and redefine the way finance works in India.