Business-focused payment gateway-aggregator and neo banking platform Razorpay has bought a majority stake in Ezetap Mobile Solutions, a digital payments solution provider. The acquisition is a mix of primary and secondary transactions and Razorpay will acquire more than 80% stake in the Bengaluru-based company.
Ezetap provides software for fintechs including point of sales solutions, billing, and loyalty solutions. It caters to the industries like bill payment and collections, insurance, FMCG, restaurants and hospitality, retail and taxi services.
Helion Ventures, which is an early investor in Ezetap, still has a minority stake in the company following the acquisition. It is said that Razorpay will also acquire Helion’s stake in the coming weeks.
Razorpay has made back-to-back acquisitions in 2022. In February, it acquired a majority stake in Kuala Lumpur-based Curlec and a month later, it took over fintech startup IZealiant Technologies for an undisclosed amount.
Byas Nambisan, CEO of Ezetap, recently claimed that the company was clocking Rs 150 crore in revenue by December 2021. The Indian entity of Ezetap registered Rs 80.12 crore during FY21 from Rs 58.7 crore in FY20. The company controlled its losses by 81% to Rs 8.76 crore in FY21 from Rs 46.45 crore in the preceding fiscal year (FY20).
