Fintech unicorn Razorpay has acquired digital invoicing and customer engagement start-up BillMe.
The Mumbai-based start-up aims to eliminate paper bills and substantially increase value-add for merchants with digital invoicing. This is the eighth acquisition by the fintech major, after it acquired Ezetap in August 2022.
With this acquisition, Razorpay aims 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 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,” said the company in its statement.
Founded in 2018, BillMe has served 4,000+ businesses, managing over 15,000 retail POS, including giants such as McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis, among others.
Businesses can go live with digital invoicing in under 10 minutes, as opposed to month-long processes, with minimal tech involvement from the merchant’s end, it said.
The self-serve dashboards empower merchants to analyse customer behaviour and establish custom campaign rules, while facilitating cross-sales, promotions, video embeds and banner advertisements.
Customers will benefit from a more streamlined and faster checkout time, without storing or worrying about instantaneously accessing the bill for future reference.
“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,” said Shashank Kumar, MD & Co-founder, Razorpay
“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 the analytics behind them, we plan to scale up a simple bill into a multidimensional tool for merchants to understand, engage, and target their customers more effectively,” he added.
Established in 2014, Razorpay provides technology payment solutions to over 8 million businesses. It has raised $817 million from marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, MasterCard, and others.