Razorpay extends digital invocing capabilities with BillMe acquisition

(From right) Razorpay founders Harshil Mathur and Shashank Kumar / Photo credit: Razorpay

India-based fintech platform Razorpay has acquired BillMe, a digital invoicing and customer engagement startup from Mumbai, for an undisclosed amount.

BillMe was founded in 2018 and said it has worked with over 4,000 businesses so far. It offers services such as digital billing, data collection, and automated customer engagement for retail brands.

It has 15,000 active stores on its platform, including those of McDonald’s, Burger King, Decathlon, and Cinepolis. BillMe said it churns out 2 million digital bills a month.

With this acquisition, BillMe will help Razorpay offer online and offline payment solutions for businesses by providing digital bills to customers across different channels. The digital receipts market size is projected to reach US$2.3 billion by 2027, with a compound annual growth rate of 7.5% from 2022 to 2027.

The deal also marks Razorpay’s eighth acquisition so far, following its roll-up of point-of-sale company Ezetap in August 2022.

In July this year, Curlec, a Malaysian startup Razorpay had acquired in 2022, became a full-stack payment gateway for businesses. Now known as Curlec by Razorpay, the firm previously focused on recurring payments.

Razorpay was founded in 2014 by Harshil Mathur and Shashank Kumar, and is based in Bengaluru, Karnataka. It was last valued at US$7.5 billion after raising US$375 million in funding in 2021.

See also: Is fintech overrated? DBS, OCBC, UOB see record profit, seek reinvention amid uncertainty