Full-stack financial services firm Razorpay announced its foray into the offline payments world with the acquisition of Ezetap, a Universal Payments Platform. Founded in 2011, Ezetap is India’s leading offline POS company that was founded with the aim to simplify in-person offline payments experience. With this acquisition, Razorpay is poised to become one of the few companies across the world with a significant online and offline presence in payments. This marks Razorpay’s sixth and biggest acquisition thus far. According to sources, the value of the transaction is around $200 million.
While digital penetration is growing across India, offline payments remain a vital part of the ecosystem. Ezetap provides software for financial technologies, including Point Of Sales (POS) solutions, billing, loyalty solutions among others, enabling businesses to accept payments in-store and on-delivery. The company said it currently serves over 500,000+ touchpoints, including the likes of Amazon and BigBasket, works closely with India’s largest banks including SBI, HDFC, ICICI and Axis, among others and processes over $10 billion in annual transactions on its platform.
Commenting on the announcement, Harshil Mathur, CEO & Co-founder of Razorpay said, “We are thrilled about this new move and excited to welcome Ezetap to the Razorpay family as we take our first step together in transforming India’s omnichannel payments experience. There is a huge opportunity in redefining omnichannel payments that this acquisition offers. We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform, both in the offline and online world. And we are excited that the upcoming new innovations through this acquisition will deliver just that - a seamless, hassle-free, secure omnichannel payment experience, bringing businesses much closer to their customers.”
Razorpay believes that the acquisition of Ezetap will take the company closer to offline businesses, understand their needs - regardless of size, nature, or location – and help businesses enjoy access to simple yet powerful payment and banking solutions that can help them achieve limitless growth.
The CEO of Ezetap, Byas Nambisan said, “It’s an exciting time at Ezetap. Over the last eleven years, we have strived to build a robust payment ecosystem for thousands of offline businesses so that they can accept any mode of payment from their customers, across every touch point. And now we are truly excited about our next adventure - our next phase of growth as a part of the Razorpay Family. We share Razorpay’s vision of simplifying payments and banking for Indian businesses, being available wherever their customers are, and being a one-stop payment and banking platform across channels. And this step takes us at Ezetap closer to achieving that dream. We join Razorpay’s suite of products to collectively offer businesses the best-in-class omni-channel payments experience and are excited at the limitless possibilities that together both the companies are looking to explore in the omnichannel payment world.”
Prior to this, Razorpay acquired IZealiant Technologies, a leading Fintech startup that provides payments technology solutions for banks in March 2022 and before that the company acquired Malaysia-based Curlec, a leading recurring revenue platform in February 2022, announcing its expansion into South-East Asia.
Sanjay Swamy, Managing Partner, Prime Venture Partners, one of the early backers of Ezetap said, "The acquisition of Ezetap by Razorpay to drive Omni-Channel payments is not just a seminal moment in the online meets offline world - it's a coming of age moment in the Indian startup ecosystem. Ezetap was the first company in the Prime Venture Partners' portfolio and through its entire journey experienced a lot of changes in Payments Infrastructure and regulations - yet adapted smoothly and swiftly to build a profitable and scalable business."