Fintech unicorn Razorpay acquires digital invoicing and customer engagement startup BillMe.
The Mumbai-based startup aims to eliminate paper billing and significantly increase value addition for merchants through digital invoicing. This is the fintech giant’s eighth acquisition, following its acquisition of Ezetap in August 2022.
With this acquisition, Razorpay aims to empower businesses through a hybrid model to better engage with end customers. Due to high smartphone penetration and a consumer base of more than 1 billion smartphone users, end customers have always preferred contactless and frictionless modes of interaction with businesses.
“Powered by BillMe, digital invoices generated by Razorpay will soon enable merchants to better engage with customers without any friction, while offering a high degree of personalization, including feedback and survey options within the invoice, making it highly Customized and interactive,” the company said in a statement.
Also read: Business personalization will be the next big theme: Razorpay’s Shashank Kumar
Founded in 2018, BillMe has served more than 4,000 businesses and managed more than 15,000 retail POSs, including giants such as McDonald’s, Burger King, Decathlon, Baggit, Relaso Footwear and Cinepolis.
Instead of a month-long process, businesses can enable digital invoicing in 10 minutes, with minimal technology involvement on the merchant’s end, the report said.
The self-service dashboard enables merchants to analyze customer behavior and build custom campaign rules while facilitating cross-sells, promotions, video embeds and banner ads.
Customers will benefit from more streamlined and faster checkout times without having to store or worry about immediately accessing bills for future reference.
“Our vision has always been to make Razorpay a truly trusted one-stop shop for all payments services for businesses of all types. Last year we embarked on our omni-channel journey and now is the perfect time to build on our capabilities. We are very It’s great to have a disruptor like BillMe on board,” said Shashank Kumar, Managing Director and Co-Founder, Razorpay
“The global digital receipt market is expected to reach $2.3 billion by 2027, and we now aim to seize this huge opportunity for businesses, helping them better attract and retain customers while enhancing their marketing capabilities, thereby Stand out. With digital invoices like these, relevant dashboards and the analytics behind them, we plan to expand simple invoices into multi-dimensional tools so merchants can understand, engage and target customers more effectively,” he added.
Founded in 2014, Razorpay provides technology payment solutions to more than 8 million businesses. The company has raised $817 million from prominent 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.
