This acquisition will help Razorpay expand its operation to over 4,000 businesses and across 15,000 retail PoS managed by BillMe
Payments and banking platform Razorpay has acquired BillMe, a Mumbai-based digital invoicing and customer engagement start-up that helps merchants eliminate paper bills with digital invoicing.
This marks Razorpay's eighth acquisition after it acquired Ezetap in August 2022. The fintech unicorn's valuation stands at $7.5 billion and it claims to have $100 billion in total payment volume.
Founded in 2018, BillMe serves retail brands like McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear and Cinepolis. This acquisition will help Razorpay expand its operation to over 4,000 businesses and across 15,000 retail points-of-sales (PoS) managed by BillMe.
In a press statement, Razorpay stated that the partnership with BillMe is designed to empower businesses with a hybrid model to engage better with end customers. "Due to higher smartphone penetration and a consumer base of over 1 billion smartphone users, end-customers have been giving higher preference to contactless and frictionless modes of engaging with businesses," it added.
Speaking about the deal, Shashank Kumar, managing director and co-founder of Razorpay, said, “Embarking on our omnichannel journey last year, the timing couldn’t be more opportune to amplify our prowess. With the global digital receipts market size poised to reach $2.3 billion by 2027, we aim to anchor this massive opportunity for businesses and help them stand out by engaging and retaining their customers better while strengthening their marketing capabilities. Through such digital bills, their associated dashboards, and analytics behind them, we plan to scale up a simple bill into a multidimensional tool for merchants to understand, engage, and target their customers much more effectively."
Kuber Pritmani, co-founder of BillMe added that since its inception, the company has worked towards revolutionising India's PoS landscape, establishing itself as a trusted partner for retailers in all things related to digital invoicing and post-purchase customer engagement. "Through tech innovations, we have enhanced customer experience and provided retailers with valuable data insights to cement BillMe as the pioneer in this industry,” he added.