Fintech unicorn Razorpay has acquired Mumbai-based JHKP Technologies Pvt. Ltd, which operates digital invoicing and customer engagement platform BillMe. This marks Razorpay’s eighth acquisition and first in 2023.
However, the financial details of the transaction were not disclosed.
Founded in 2018, BillMe’s solutions help its clients eliminate paper bills and substantially increase value-add with digital invoicing. The startup has catered to more than 4,000 businesses, including the likes of McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis among others.
Post the acquisition, Razorpay will offer BillMe-powered digital bills to merchants. It claims that these bills help merchants get better personalisation to the extent of including feedback and survey options in the bill.
“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.
Kumar added that through these bills, associated dashboards, and analytics, Razorpay plans to scale up a simple bill into a multidimensional tool for merchants to understand, engage, and target their customers much more effectively.
Meanwhile, Razorpay, which was valued at more than $7.5 billion in its last funding round in December 2021, seems to be on an acquisition spree.
Last year, the company acquired four startups: loyalty and engagement solutions provider PoshVine, offline payments player Ezetap, payments solutions provider IZealiant Technologies, and Malaysia-based fintech company Curlec.
The Ezetap deal stands out among all deals as the company spent nearly $200 million to acquire the company and mark its foray into the offline payment space. With BillMe’s acquisition, it has doubled down on the opportunities present in the offline payment segment, which is witnessing significant interest from other fintech players as well.
Razorpay is backed by investors like Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard, in addition to a few angel investors. To date, the company has raised a total of $741.5 million.
