Razorpay to tap into offline payments, buys Ezetap for $200 million

Fintech services platform Razorpay on Thursday announced it has acquired offline payments services provider Ezetap, becoming one of the few companies globally with a significant online and offline presence in payments.

According to sources, the deal size is around $150-200 million. This marks Razorpay`s sixth and biggest acquisition to date.

The Ezetap Team of around 300 employees will join Razorpay and work as an independent business unit.

"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," said Harshil Mathur, CEO and Co-founder, Razorpay.

Ezetap provides software for financial technologies, including point of sales (POS) solutions, billing, loyalty solutions among others, enablingAbusinesses to accept payments in-store and on-delivery.

It currently serves over 500,000 touchpoints, including Amazon and BigBasket, and works closely with banks like SBI, HDFC, ICICI and Axis, among others, processing over $10 billion in annual transactions on its platform.

"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," said Byas Nambisan, CEO of Ezetap.

Prior to this, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch.

With a $80 billion total payment value (TPV) as of April, Razorpay is eyeing a 10-12 million merchant base by next year.