Razorpay acquires BillMe to expand its omnichannel payment business

Razorpay Founders Harshil Mathur & Shashank Kumar

Fintech unicorn Razorpay on September 12 announced the acquisition of BillMe, a Mumbai-based Digital Invoicing and Customer Engagement startup for an undisclosed amount, to build and strengthen its 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 claims to have served more than 4,000 businesses, managing over 15,000 retail POS, including companies such as McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis among others.

The move comes as data shows India is witnessing higher smartphone penetration and Razorpay's consumer base has over 1 billion smartphone users and its end-customers have been giving higher preference to contactless and frictionless modes 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.

This marks Razorpay’s 8th acquisition since the time of its inception. The firm acquired Ezetap in August 2022 to enter the PoS device market.

Razorpay reported a standalone net profit of ₹7.3 crore in FY22, up 20 percent from the ₹6.1 crore it posted in the previous fiscal. The firm is presently valued at $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.