Razorpay Further Strengthens Its Omnichannel Play, Acquires BillMe, A Digital Invoicing & Customer Engagement Startup for Retail Businesses
Razorpay, India’s Leading Full-Stack Payments and Banking Platform for Businesses, today announced its acquisition of BillMe, a Mumbai-based Digital Invoicing and Customer Engagement startup. Founded in 2018, BillMe has been introducing industry-first innovations to eliminate paper bills and substantially increase value-add for merchants with digital invoicing. The startup has served 4000+ businesses, managing over 15,000 retail POS, including giants like McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis among others.
Over the last two years, businesses have adopted a hybrid approach to reach their customers after the pandemic. Today, it is not enough to offer both online and offline payments but to marry the two seamlessly for a truly omnichannel experience. Razorpay’s partnership with BillMe is strategically designed to empower businesses with a hybrid model to engage better with end customers. Due to higher smartphone penetration and a consumer base of over 1 billion smartphone users, end-customers have been giving higher preference to contactless and frictionless modes of engaging with businesses.
Powered by BillMe, Razorpay-generated digital bills will soon enable merchants to engage better with their customers without any friction, while powering high degrees of personalisation to the extent of including feedback and survey options in the bill, making it highly tailored and interactive. Owing to BillMe’s extremely rapid deployment and proprietary integration capabilities, businesses can go live with digital invoicing in under 10 minutes as opposed to month-long processes, and with minimal tech involvement from the merchant’s end. Additionally, the intuitive self-serve dashboards empower merchants to analyze customer behavior and establish custom campaign rules, while also facilitating cross-sales, promotions, video embeds, banner advertisements, and more for businesses. On the other hand, the customers will benefit from a more streamlined and faster checkout time with no hassle of storing or worrying about instantaneously accessing the bill for future reference. The advent of digital bills will hence solve the problems that the loss or misplacement of a physical bill brings about, both for the customers and the merchants.
Welcoming BillMe to the Razorpay family and commenting on the acquisition, Shashank Kumar, MD & Co-founder, Razorpay said, “Our vision has always been to build Razorpay as a truly trusted one-stop shop for everything payments, for businesses of all kinds. Embarking on our omnichannel journey last year, the timing couldn’t be more opportune to amplify our prowess. We are thrilled about getting a disruptor like BillMe on board. 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. 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.“
He added, “The team that Jai, Kuber, and Rupam have built mirrors our own in every sense. They have been committed to providing retail brands the power of data through digital invoices, and now with Razorpay’s merchant relations and strong understanding of the market, we will together enable a large base of offline retail brands to enjoy the best of both worlds, grow faster, and get seamless access to omnichannel payment solutions.”
With a history of introducing groundbreaking payment solutions for its businesses, this acquisition is poised to further enhance Razorpay’s efforts toward empowering businesses of all kinds to supercharge their growth.
Kuber Pritmani, Co-Founder of BillMe said, “Since BillMe’s inception, we have worked towards revolutionizing India’s Retail Point of Sale landscape, establishing ourselves as the trusted partner for retailers in all things related to ‘Digital Invoicing & 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. 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. Given the synergies between our cultures, values, and our visions, we look forward to co-transforming the cycle of customer engagement alongside Razorpay, and thereby bring about a greater impact and experience for end-consumers.”
This marks Razorpay’s 8th acquisition in its journey towards becoming a global leader in providing robust financial infrastructure. After the company’s acquisition of Ezetap in August 2022, the BillMe acquisition follows and underscores Razorpay’s commitment to emerging as a resilient, omnichannel platform tailored for enterprises and merchants. At a valuation of $7.5 billion, Razorpay has consistently transformed the landscape of payment acceptance and banking operations for businesses over the last decade. With a $100 billion TPV, the Fintech Unicorn is at the forefront of India’s digital financial revolution building the central nervous system for Digital India.
