Razorpay acquires Digital Payment Startup Ezetap, It’s the third acquisition of 2022.

Razorpay has been reported to have acquired an the 80% stake in Ezetap

It has previously purchased the majority stake in Curlec with a value of more than $10 million and it also wholly purchased IZealiant Technologies for an undisclosed amount

Ezetap is an SaaS fintech platform that provides payment solutions to retailers companies, e-commerce players, healthcare institutions and financial inclusion institutions

A fintech company called Razorpay has bought Bengaluru-based digital payment firm Ezetap for an unspecified amount. The deal was completed through a secondary and primary deal.

Razorpay confirmed the news to Inc42 saying that the deal hasn’t completed as of yet. Razorpay will release additional details, including financials.

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It has been confirmed that Razorpay is believed to have held more than an 80% stake in Ezetap. There was also a report that the transaction was an amalgamation of stock and cash which could be valued between $100 to 120 million.

This is Razorpay’s third acquisition in 2022. The fintech firm purchased an entire stake in Malaysian-based payments company Curlec for $20 million. After that, it acquired digital payments firm IZealiant Technologies for an unknown amount.

Established in 2011, by Byas Nambisan in 2011, Ezetap is an SaaS fintech platform that provides payment solutions to brick and mortar retailers and ecommerce companies, as well as enterprises as well as healthcare organizations and financial inclusion groups.

Ezetap services comprise PoS gadgets, touchless payment (UPI or QR code-based payments) and BNPL services, currency conversion , and multi-bank acquiring among others.

The table of its cap includes SocialCapital, Helion, American Express, Prime Venture Partners, JS Capital Management LLC, Horizon Ventures and Berggruen Holdings according to its website.

In addition, the fintech company Razorpay is an online payment platform that provides different products and services that are related to finance like SME payroll management and banking, lending, insurance and payments and more.

Razorpay claims to have provided services to more than 200K businesses, both large and small- Airtel, BookMyShow, IRCTC, Aditya Birla Capital, NSE and Swiggy to name some.

On July 1, Razorpay became in the news for sharing information of the fact-checking platform Alt News with the investigating authorities. In response, the Razorpay CEO claimed that the data that was shared with authorities was limited to “what was in the scope of the investigation”.

Before this incident, Razorpay reported a theft of INR 7.3 Cr which a hacker erased off the entire amount from the platform within a period time of 3 months. The theft was discovered when the auditors of the startup had difficulty reconciling 831 transactions. The company later lodged a complaint with the Bengaluru’s Southeast cybercrime police regarding the theft.

In the years 2021 and 2021 the company earned a net loss of 7 crorewhile its operating revenues grew up to 841.2 Cr. Additionally, its overall operating income and revenue was INR 844 Cr in addition to INR 2.8 Cr, respectively.

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