Razorpay, a fintech unicorn, recently acquired BillMe, a digital invoicing and customer engagement startup. According to the company, this acquisition will help Razorpay enhance its offline payments product suite. With the integration of BillMe’s technology, Razorpay’s offline merchants will be able to generate digital invoices instead of using paper bills. This will make the invoicing process faster and more efficient for businesses.
Razorpay has introduced digital bills powered by BillMe for merchants. These digital bills enable better customer engagement through features like feedback, surveys, and a customer behavior analysis dashboard. According to Shashank Kumar, the MD and Co-founder of Razorpay, the global digital receipts market is expected to reach a value of USD 2.3 billion by 2027.
Further Kumar added, “We aim to anchor this opportunity for businesses and help them stand out by engaging and retaining their customers better while strengthening their marketing capabilities. Through such digital bills, their associated dashboards, and analytics behind them, we plan to scale up a simple bill into a multidimensional tool for merchants to understand, engage, and target their customers much more effectively.
BillMe, a six-year-old startup founded by Jai Hemrajani, Kuber Pritmani, and Rupam Jain, has provided its technology to more than 4,000 businesses, managing over 15,000 retail PoS for firms like McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis among others.
Commenting on the acquisition, Pritmani said,”We have established ourselves as the trusted partner for retailers in all things related to digital invoicing and post-purchase customer engagement. Through tech innovations, we have enhanced customer experience and provided retailers with valuable data insights to cement BillMe as the pioneer in this industry.”
Razorpay has acquired Mumbai-based digital invoicing startup BillMe, its eighth acquisition in the past two years. The company is expanding its omnichannel payments strategy to include offline payments, as it looks to tap into India’s large offline merchant base.
The acquisition of BillMe will give Razorpay access to BillMe’s invoicing and customer engagement platform, which is used by over 100,000 merchants. This will help Razorpay to provide a more comprehensive payments solution to its merchants, allowing them to accept payments online, offline, and through invoicing.
The acquisition also comes at a time when Razorpay is facing restrictions from the Reserve Bank of India (RBI) on onboarding merchants for its online gateway business. The RBI has imposed these restrictions in order to curb fraud.
Razorpay is not the only online payments firm that is expanding into offline payments. Other companies, such as Pine Labs and Mswipe, have also launched their own offline payment solutions. This is because offline payments are still a major part of the Indian payments landscape.
The acquisition of BillMe is a significant step for Razorpay in its expansion into offline payments. It will help the company to reach a wider range of merchants and provide them with a more comprehensive payments solution.