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Razorpay JHKP Technologies to Grow its Offline Business

CIO Insider Team | Tuesday, 12 September, 2023
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In an effort to grow its offline business, Tiger Global-backed fintech unicorndigital invoicing and customer interaction platform BillMe.

With the help of digital invoicing, BillMe's clients can do away with paper bills and significantly enhance value-add. More than 4,000 companies have used the services of the startup, including, among others, McDonald's, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis.

Following the acquisition, Razorpay will provide merchants with digital invoices powered by BillMe. It asserts that the inclusion of survey and feedback options in the bill enables retailers to provide better personalization.

“With the global digital receipts market size poised to reach $2.3 billion 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," said, Shashank Kumar, managing director and co-founder, Razorpay.
The company, which received a valuation of over $7.5 billion in its most recent round of investment in December 2021, appears to be on an acquisition binge. The BillMe purchase is Razorpay seventh and first in 2023.

With the acquisition of BillMe, it has increased its focus on the prospects offered by the offline payment market, which is also attracting a lot of interest from other fintech businesses.

Razorpay will have access to huge chains including McDonald's, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis thanks to BillMe's customer network of over 4,000 merchants.

To give offline retailers more options for bill administration, payment acceptance, and loyalty programs, Razorpay said it would integrate BillMe's stack with Ezetap's PoS terminals.

Fintech firms BharatPe and Pine Labs have previously acquired Zillion (formerly Payback India) and Fave to expand into the merchant loyalty market.

Last year, PoshVine, a provider of loyalty and engagement solutions, Ezetap, a leader in offline payments, IZealiant Technologies, and Curlec, a Malaysia-based fintech company, were the four startups the company purchased.

The Ezetap acquisition stands out from the rest because it signified the company's entry into the offline payment market at a cost of around $200 million.

With the acquisition of BillMe, it has increased its focus on the prospects offered by the offline payment market, which is also attracting a lot of interest from other fintech businesses.

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