BENGALURU: Fintech unicorn Razorpay has forayed into the offline payments space with the acquisition of Point of Sales (PoS) payments solution provider Ezetap Mobile Solutions. This is Razorpay’s sixth acquisition, and according to sources, the deal size is nearly USD 150-USD 200 million.
Razorpay has now both an online and offline presence in payments. BharatPe and MSwipe are already in the offline payments space. While digital penetration is growing across India, offline payments remain an important part of the ecosystem.
Ezetap was founded in 2011, and it launched its first device under USD 50 in 2013, and it expanded to the UAE in 2018. Ezetap provides software for financial technologies, including POS solutions, billing, and loyalty solutions, among others, enabling businesses to accept payments in-store and on-delivery.
The company currently serves over 5 lakh touchpoints, including Amazon, BigBasket, SBI, ICICI and Axis, among others and processes over $10 billion in annual transactions on its platform. The Ezetap team of around 300 employees will be joining Razorpay, and work as an independent business unit within the company.
Prior to this, Razorpay acquired IZealiant Technologies, a fintech start-up that provides payments technology solutions for banks in March 2022.