The Busy Brains
15 Sept 2023
The integration of BillMe’s technology will allow Razorpay’s PoS terminal clients/offline merchants to generate digital invoices, replacing paper bills.
On September 12, the fintech giant Razorpay announced its acquisition of BillMe, a Mumbai-based startup specializing in Digital Invoicing and Customer Engagement. The specific amount for this acquisition remains undisclosed, but it's a strategic move to fortify Razorpay's omnichannel payment ecosystem.
"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 cofounder of Razorpay
The startup proudly states that it has catered to more than 4,000 businesses, effectively managing over 15,000 retail Point of Sale (POS) systems. Some notable clients in their portfolio include prominent names like McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis, among others.
This acquisition aligns with the current trend in India, where smartphone usage is on the rise. Razorpay boasts a customer base of over 1 billion smartphone users, and these users are increasingly preferring contactless and seamless methods of engaging with businesses.
"Razorpay’s partnership with BillMe is strategically designed to empower businesses with a hybrid model to engage better with end customers," Razorpay said in a media statement.
Remarkably, this marks Razorpay's eighth acquisition since its inception. A notable acquisition was Ezetap in August 2022, which facilitated Razorpay's entry into the Point of Sale (PoS) device market.
In financial terms, Razorpay reported a standalone net profit of ₹7.3 crore in the fiscal year 2022. This represents a 20 percent increase compared to the ₹6.1 crore profit posted in the previous fiscal year. Currently, the company holds a valuation of $7.5 billion.
"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 Kuber Pritmani, Co-Founder of BillMe.