Bengaluru, NFAPost: Leading fintech player Razorpay bought offline payments firm Ezetap to further strengthen its offline payment business.
The acquisition marks the Sequoia Capital-backed firm’s latest bet on the payments industry in a deal which a source with knowledge of said was worth $150 million.
Ezetap, whose products include point-of-sale machines, processes more than $10 billion in annual transactions in India.
Razorpay, which is valued at more than $7 billion and offers payment gateway services for online merchants, said in a statement that the acquisition was its biggest to date.
Commenting on the acquisition, Razorpay Cofounder Shashank Kumar said Ezetap will help it develop in this area. “There is still a large portion of offline payments and in-person payments that we don’t cover,” he said.
The source said Ezetap will continue to operate independently after its acquisition, adding that the deal includes a $150 million payment to Ezetap, with another possible $50 million linked to its performance over the next year.
