Ezetap
2022
$200M
Why
Acquired offline payments and POS company Ezetap to enter in-store payments.
Impact
Gave Razorpay a physical POS business alongside its online gateway.
Outcome
Forms the basis of Razorpay POS. Deal value is a press estimate.
Razorpay
Indian FintechFinancial TechnologyFounded 2014- HQ today: Bengaluru, Karnataka, India
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
Razorpay Acquisitions
5
Major Deals Covered
$200M
Disclosed Deal Value
What are Razorpay's biggest acquisitions?
Razorpay's largest disclosed acquisition here is Ezetap for $200M in 2022. This page covers 5 major deals from 2019 to 2022, each with its price where disclosed and the reason behind it.
- Major deals covered
- 5
- Largest deal
- Ezetap ($200M)
- First deal
- 2019
- Most recent
- 2022
| Company | Year | Price | Purpose |
|---|---|---|---|
| Ezetap | 2022 | $200.0M | Acquired offline payments and POS company Ezetap to enter in-store payments. |
| Curlec | 2022 | Undisclosed | Acquired Malaysian recurring payments startup Curlec to expand into Southeast Asia. |
| IZealiant Technologies | 2022 | Undisclosed | Acquired banking technology firm IZealiant to offer payment processing software to banks. |
| PoshVine | 2022 | Undisclosed | Acquired loyalty and rewards platform PoshVine. |
| Thirdwatch | 2019 | Undisclosed | Acquired AI fraud prevention startup Thirdwatch. |
- What companies has Razorpay bought?
- Major acquisitions by Razorpay documented here include Ezetap (2022), Curlec (2022), IZealiant Technologies (2022), PoshVine (2022) and Thirdwatch (2019).
- What is Razorpay's most recent acquisition?
- The most recent Razorpay acquisition documented here is Ezetap, in 2022, for $200M.
Curlec
2022
Why
Acquired Malaysian recurring payments startup Curlec to expand into Southeast Asia.
Impact
Razorpay's first operating market outside India.
Outcome
Operates as Curlec by Razorpay in Malaysia.
IZealiant Technologies
2022
Why
Acquired banking technology firm IZealiant to offer payment processing software to banks.
Impact
Added a bank-facing technology line.
Outcome
Value not disclosed.
PoshVine
2022
Why
Acquired loyalty and rewards platform PoshVine.
Impact
Added card-linked offers and rewards for bank and merchant partners.
Outcome
Value not disclosed.
Thirdwatch
2019
Why
Acquired AI fraud prevention startup Thirdwatch.
Impact
Added fraud and return-to-origin risk checks for e-commerce merchants.
Outcome
Value not disclosed.
Razorpay's Growth & Acquisition Strategy
Razorpay's strategy is to widen beyond online checkout. The 2022 Ezetap deal took it into offline POS; RazorpayX extends it into payouts, current accounts and payroll; Razorpay Capital uses merchant transaction data for credit; and Curlec gives it a base in Malaysia. Domestically, moving its holding company to India in 2025 cleared the way for a local stock market listing.
How Razorpay Makes Money
Razorpay earns most of its money from transaction fees. Merchants on its payment gateway pay a merchant discount rate on each successful payment (standard published pricing is 2% for most domestic cards, net banking and wallets, with consumer UPI largely at zero MDR under Indian rules). On top of that it sells RazorpayX business banking and payouts, RazorpayX Payroll subscriptions, Razorpay POS terminal rentals plus in-store acquiring fees, and Razorpay Capital credit through lending partners. Because gateway margins are thin after bank and network costs, gross profit (~$148 million (₹1,277 crore) in FY25 on ~$439 million (₹3,783 crore) revenue) is the better gauge of the business than headline revenue.
Razorpay Acquisitions FAQ
What was Razorpay's landmark $200 million acquisition of Ezetap in 2022?
In 2022 Razorpay acquired offline payments company Ezetap in a deal reported at about $200 million, giving it the POS business that became Razorpay POS.
What was Razorpay's acquisition of Malaysian fintech Curlec in 2022?
In 2022 Razorpay acquired Malaysian recurring payments company Curlec, its first international acquisition, which now operates as Curlec by Razorpay.
What was Razorpay's acquisition of AI fraud analytics startup Thirdwatch in 2019?
In August 2019, Razorpay acquired AI-powered fraud detection startup Thirdwatch, integrating Thirdwatch's machine learning algorithms directly into its gateway to eliminate cash-on-delivery (COD) fraud and return-to-origin (RTO) losses for e-commerce merchants.
What was Razorpay's acquisition of payroll automation startup Opfin in 2019?
In November 2019, Razorpay acquired cloud payroll and HR automation startup Opfin, which became the foundational software engine for RazorpayX Payroll, automating salary calculations and statutory tax compliance for thousands of businesses.
Why did Razorpay acquire TERA Finlabs in 2021?
Razorpay acquired lending technology company TERA Finlabs in 2021 to strengthen the credit infrastructure behind Razorpay Capital.
How does Razorpay integrate acquired fintech companies into its unified ecosystem?
Razorpay follows a full integration playbook: unifying acquired engineering teams under central leadership, connecting acquired APIs into the Razorpay dashboard, and cross-selling new services to its 10 million+ existing merchant base.
What strategic technology partnerships does Razorpay maintain with NPCI and Visa?
Razorpay collaborates closely with the National Payments Corporation of India (NPCI) on pioneering payment architectures (UPI AutoPay, Turbo UPI) and maintains principal acquiring memberships with Visa and Mastercard.
What is Razorpay's forward M&A and capital deployment outlook?
Razorpay focuses M&A on acquiring innovative B2B SaaS tools, offline retail POS networks, cross-border payment corridors, and emerging fintech platforms across Southeast Asia and the Middle East.
What was Razorpay’s landmark $200 million acquisition of Ezetap in 2022?
In August 2022, Razorpay acquired leading offline POS and mobility solution provider Ezetap for approximately $200 million, instantly transforming Razorpay into a dominant omnichannel payments player across both digital and physical retail.
How did the acquisition of Curlec expand Razorpay internationally?
In February 2022, Razorpay acquired Malaysian recurring payments startup Curlec for $20 million, rebranding it as Curlec by Razorpay and expanding its payment gateway and subscription billing operations into Southeast Asia.
What did the 2019 acquisition of Opfin achieve for RazorpayX?
In November 2019, Razorpay acquired payroll and HR automation software startup Opfin, integrating automated salary disbursals, tax deductions (TDS, PF), and compliance filings directly into RazorpayX Payroll.
Why did Razorpay acquire Thirdwatch in 2019?
In August 2019, Razorpay acquired AI-based fraud detection startup Thirdwatch, developing an automated risk-scoring engine that saves e-commerce merchants millions by preventing return-to-origin (RTO) fraud.
What was the acquisition of Bill-In-One (TERA Finlabs) in 2021?
In 2021, Razorpay acquired TERA Finlabs (a micro-lending risk intelligence platform), enhancing Razorpay Capital’s credit-underwriting algorithms and risk modeling for merchant working capital loans.
How does Razorpay integrate acquired startups into its product suite?
Razorpay integrates acquired technologies directly into its single unified dashboard, allowing a merchant to manage online gateway transactions, physical POS terminals, employee payroll, and fraud prevention through a single API key.
Does Razorpay make strategic venture investments?
Yes, through corporate venture investments, Razorpay backs early-stage B2B SaaS, fintech, and developer-tools startups that integrate into and expand the broader Razorpay developer ecosystem.
What is Razorpay’s future M&A strategy ahead of its domestic IPO?
Razorpay targets strategic acquisitions in Southeast Asian local payment rails, enterprise cross-border trade finance, automated GST compliance software, and AI-driven conversational commerce.
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