Razorpay said on Thursday it had bought offline payments firm Ezetap, marking 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 (roughly Rs. 1,200 crore).
Razorpay, which is valued at more than $7 billion (roughly Rs. 5,600 crore) and offers payment gateway services for online merchants, said in a statement that the acquisition was its biggest to date.
It said the deal would boost efforts to tap the offline market which still accounts for a bulk of electronic payments in India. Ezetap, whose products include point-of-sale machines, processes more than $10 billion (roughly Rs. 79,800 crore) in annual transactions in India.
Razorpay co-founder 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.