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Razorpay acquires PoS company Ezetap
August 17, 2022
Razorpay has bought a majority stake in Ezetap Mobile Solutions, according to Ezetap’s regulatory filings by its holding company in Singapore. The acquisition is a mix of primary and secondary transactions and Razorpay will acquire more than 80% stake in the Bengaluru-based company.
The filings further indicate that Helion Ventures, an early investor in Ezetap, still has a minority stake in the company following the acquisition. According to sources, Razorpay will also acquire Helion’s stake in the coming weeks. “The deal is a mix of cash and stock which is likely to be in the range of $100-120 million,” said one of the sources on condition of anonymity as transaction details are not public yet.
A decade-old Ezetap has raised around $50 million since inception including a $16 million round in August 2017. During the last four years, it has managed to raise funds from existing investors including Js Investments and Social capital in small tranches.
Ezetap was also looking to raise around $60 million and had mandated Unitus Capital for the fundraise but sources indicate that the efforts didn’t fare up well. “Most of the pure-play point of sale (PoS) companies (excluding Pine Labs) are struggling,” added the source quoted above.
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