Razorpay recently announced the acquisition of BillMe, a Mumbai-based digital payments and customer engagement startup. This acquisition marks Razorpay's eighth acquisition and is part of its goal to create a comprehensive omnichannel payments ecosystem for businesses.
Founded in 2018, BillMe has pioneered innovation to eliminate paper invoices and increase merchant value through digital invoices. The startup has served more than 4,000 businesses, including famous names like McDonald's, Burger King, Decathlon, Baggit, Relaxo Footwear and Cinepolis, operating more than 15,000 stores.
In today's business landscape, an approach that seamlessly combines online and offline payments is crucial to effectively engage with customers. Razorpay's partnership with BillMe aims to empower businesses with this hybrid model, catering to the preferences of over a billion smartphone users who prefer contactless and frictionless interactions.
Using BillMe, digital invoices created by Razorpay will enable merchants to engage more effectively with customers, providing personalized options including invoice feedback and surveys. What's notable is BillMe's rapid deployment and integration capabilities, allowing businesses to get digital invoices up and running in less than 10 minutes with minimal technology involvement.
Merchants will benefit from an intuitive, self-service dashboard that helps them analyze customer behaviour, set personalized campaign rules, and facilitate cross-selling and promotions. , video integration, banner ads, etc. Meanwhile, customers will benefit from a simpler and faster payment experience without having to store their physical receipts. The acquisition of BillMe supports Razorpay's vision of becoming a one-stop shop for all payments, enhancing its omnichannel capabilities and tapping into the growing global digital invoices market, expected to reach $2.3 billion by 2027.
Kuber Pritmani, Co-Founder of BillMe, expressed excitement about the synergy between the two companies and their shared vision to transform customer engagement in the retail industry. This acquisition is expected to further strengthen the business category by enhancing Razorpay's capabilities.
With this acquisition, Razorpay continues its journey to become a global leader in providing robust financial infrastructure. This follows their acquisition of Ezetap in August 2022 and underlines their commitment to becoming a flexible, tailored omnichannel platform for businesses and merchants. Razorpay, valued at $7.5 billion with a TPV of $100 billion, remains at the forefront of the digital finance revolution in India.
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