Razorpay, India’s Leading Full-Stack Payments and Banking Platform for Businesses, announced the acquisition of BillMe, a Mumbai-based Digital Invoicing and Customer Engagement startup, with an unwavering vision to continue building an end-to-end holistic omnichannel payments ecosystem for businesses. BillMe, which was founded in 2018, and has been bringing industry-first solutions to eliminate paper bills and significantly enhance value-add for merchants through digital invoicing. The startup has supported over 4000 businesses, managing over 15,000 retail POS, including industry titans such as McDonald’s, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis.
Businesses have used a mixed approach to reach out to their clients in the two years since the pandemic. Today, it is not enough to accept both online and offline payments; the two must be seamlessly integrated for a fully omnichannel experience. Razorpay’s collaboration with BillMe is intentionally designed to provide businesses with a hybrid strategy to better engage with end customers. End-customers prefer contactless and frictionless forms of engaging with enterprises due to greater smartphone penetration and a consumer base of over 1 billion smartphone users.
Razorpay-generated digital bills, powered by BillMe, will soon enable merchants to engage better with their customers without friction, while enabling high degrees of personalization, including feedback and survey choices in the bill, making it highly personalised and interactive. BillMe’s highly rapid deployment and proprietary integration technologies enable businesses to go live with digital invoicing in under 10 minutes, as compared to month-long processes, and with minimal tech involvement from the merchant’s end. Furthermore, the self-service dashboards enable merchants to analyse consumer behaviour and create unique campaign rules, while also supporting cross-sales, promotions, video embeds, banner adverts, and other business functions. Customers, on the other hand, will benefit from a more streamlined and faster checkout process, with no need to store or worry about instantly accessing the bill for future reference. The introduction of digital banknotes will thereby eliminate the problems caused by the loss or misplacement of a physical bill, both for customers and retailers.
Onboarding BillMe to the Razorpay family and commenting on the acquisition, Shashank Kumar, MD & Co-founder, Razorpay said, “Our vision has always been to build Razorpay as a truly trusted one-stop shop for everything payments, for businesses of all kinds. Embarking on our omnichannel journey last year, the timing couldn’t be more opportune to amplify our prowess. We are thrilled about getting a disruptor like BillMe on board. With the global digital receipts market size poised to reach $2.3 billion by 2027, we aim to now anchor this massive opportunity for businesses and help them stand out by engaging and retaining their customers better while strengthening their marketing capabilities. Through such digital bills, their associated dashboards, and analytics behind them, we plan to scale up a simple bill into a multidimensional tool for merchants to understand, engage, and target their customers much more effectively.“
He added, “The team that Jai, Kuber, and Rupam have built mirrors our own in every sense. They have been committed to providing retail brands the power of data through digital invoices, and now with Razorpay’s merchant relations and strong understanding of the market, we will together enable a large base of offline retail brands to enjoy the best of both worlds, grow faster, and get seamless access to omnichannel payment solutions.”
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With a history of pioneering payment solutions for businesses, this purchase is positioned to strengthen Razorpay’s efforts to empower businesses of all sizes to accelerate their growth.
Kuber Pritmani, Co-Founder of BillMe said, “Since BillMe’s inception, we have worked towards revolutionizing India’s Retail Point of Sale landscape, establishing ourselves as the trusted partner for retailers in all things related to ‘Digital Invoicing & Post-Purchase Customer Engagement.’ Through tech innovations, we have enhanced customer experience and provided retailers with valuable data insights to cement BillMe as the pioneer in this industry. With Razorpay, we now have a large scope to deepen our tech expertise and create a difference for our businesses. Reinforcing integrations across all Point of Sale touchpoints enhances the value we aim to provide to our clients. Given the synergies between our cultures, values, and our visions, we look forward to co-transforming the cycle of customer engagement alongside Razorpay, and thereby bring about a greater impact and experience for end-consumers.”
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