Fintech Unicorn Razorpay Acquired BillMe Digital Invoicing Adding Power To Bills (image: X.com, Razorpay)
Razorpay has announced the acquisition of BillMe which would enable it to broaden its payment channel. Razorpay, a unicorn fintech, would marks this as the 8-th acquisition since its commencement. BillMe which commenced in 2018, is a Digital Invoicing and Customer Engagement start-up, based in Mumbai. Both the parties have not disclosed the amount of the deal.
With BillMe’s digital invoicing, Razorpay’s business could become more active, bringing digital invoicing in under 10 mins from the earlier one-month long process and a faster check-out would be possible without the physical bill, said the Business Standard.
Razorpay has a consumer base of above 1 billion smartphone users and preference can be seen for modes with less friction and less contact with business engagement. In the financial year 2022, the profits of the company stood at Rs.7.3 crores which was a rise of 20 percentage from the earlier fiscal, which had reported Rs. 6.1 crore. Razorpay’s present value is $7.5 billion, reported moneycontrol.
Razorpay, in the past had acquired other companies too, some of them are, Third watch, Opfin, Curlec, TERA, Poshvine and IZealiant. The acquisition will broaden Razorpay’s customer access to 4000, which would include among others, McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis, reported the Business Standard.
On this, Razorpay Managing Director and cofounder, Shashank Kumar said, “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.”
Razorpay media statement said on the deal that, “Razorpay’s partnership with BillMe is strategically designed to empower businesses with a hybrid model to engage better with end customers.”
The co-founder of BillMe, Kuber Pritmani said, “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,” said moneycontrol.
