Flipkart-owned UPI-based digital payments startup PhonePe announced the acquisition of Zopper Retail, a hyper local Point of Sale (POS) platform for small and medium businesses. As a part of the acquisition, Neeraj Jain, Founder and CEO of Zopper will join the PhonePe team as Head of Product, Offline Merchant Solutions.
â€śWe welcome the Zopper Retail team to PhonePe and are excited leveraging their domain expertise to rapidly expand our offline merchant network across India. Zopper has a very strong technology and innovation DNA, and Neeraj and team are also a great culture fit for PhonePe. Zopper Retail is specifically designed to meet the needs of millions of small retailers in India, and their strategy ties in very well with our overall vision of making digital payments universally accepted across the country.â€ť said Sameer Nigam, CEO, PhonePe.
According to the company, investing in the growth of digital transactions at offline merchant locations forms a very important part of its strategy. PhonePeâ€™s transaction ecosystem comprises of in-app, online and offline merchants. Combining PhonePe payments with some of the capabilities that Zopper Retail offers as value added services would greatly enhance the adoption of digital payments for merchants, PhonePe said in a statement.
â€śPhonePe is a leader in the payments space and we are delighted to be joining forces with them. Zopper has a strong technology ethos and in PhonePe we have found a like-minded partner. By joining forces with PhonePe we strengthen our commitment of using technology for simplifying our merchantâ€™s billing, payments and inventory management systems. Zopperâ€™s other business line comprising of Affinity Programs and Extended Warranty will drive the growth of Zopper in the future, and Surjendu would be spearheading it,â€ť Neeraj Jain, CEO, Zopper said.
PhonePe has been rapidly expanding its merchant base and is now accepted as a payment option across 3 Lakh offline and online merchant outlets covering food, travel, groceries, movie tickets etc. The company claims to have crossed the 100 million user mark and $20 billion annual TPV run rate in May 2018. PhonePe recently launched mini-apps on its platform allowing users to book Ola rides, pay for Redbus tickets and avail Goibibo Hotel services from inside the PhonePe app directly.