Payments and banking platform Razorpay has acquired Mumbai-based digital invoicing and customer engagement company BillMe with an aim to build an omnichannel payments ecosystem for businesses.
“Razorpay’s partnership with BillMe is strategically designed to empower businesses with a hybrid model to engage better with end customers,” the company said in a press release.
However, Razorpay did not disclose the financial details of the acquisition.
Founded in 2018 by Jai Hemrajani, Kuber Pritmani, and Rupam Jain, BillMe has rendered digital invoicing and billing services to more than 4000 businesses including McDonalds, Burger King, and Decathlon. It manages over 15,000 retail point of sale machines.
Razorpay said that the acquisition will help provide and integrated platform to merchants, enable them to access their own dashboards, facilitate cross-sales, promotions, and banner advertisements among others.
Commenting on the acquisition, Razorpay Co-Founder and Managing Director Shashank Kumar said, “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.”
BillPay is RazorPay’s eighth acquisition. Earlier, it had acquired a number of startups like Ezetap, PoshVine, Curlec, and IZeliant Technologies.
The acquisition comes at a time when Razorpay is reportedly looking to move its parent entity to India from the US.
The company’s net profit rose 20% year-on-year(y-o-y) to Rs 7.3 crore in 2021-22(April-March).