PhonePe acquires Zopper Retail

Bengaluru-headquartered digital payment company PhonePe on Monday announced the acquisition of Zopper Retail, a hyper local Point of Sale (POS) platform for small and medium businesses. The terms of the acquisition were not disclosed.

As a part of the acquisition, Neeraj Jain, Founder and CEO of Zopper will join the PhonePe team as Head of Product, Offline Merchant Solutions, the company said.

“We welcome the Zopper Retail team to PhonePe and are excited leveraging their domain expertise to rapidly expand our offline merchant network across India. Zopper has a very strong technology and innovation DNA, and it is specifically designed to meet the needs of millions of small retailers in India, and their strategy ties in very well with our overall vision of making digital payments universally accepted across the country,” said Sameer Nigam, CEO, PhonePe.

PhonePe has been expanding its merchant base and is now accepted as a payment option across 3 lakh offline and online merchant outlets covering food, travel, groceries, movie tickets etc. The company crossed the 100 million user mark and also crossed the $20 billion annual TPV run rate in May 2018. PhonePe recently launched mini-apps on its platform allowing users to book Ola rides, pay for Redbus tickets and avail Goibibo Hotel services from inside the PhonePe app directly.

“PhonePe is a leader in the payments space and we are delighted to be joining forces with them. By joining forces with PhonePe, we strengthen our commitment of using technology for simplifying our merchant’s billing, payments and inventory management systems. Zopper’s other business line comprising of Affinity Programs and Extended Warranty will drive the growth of Zopper in the future, and Surjendu would be spearheading it,” said Neeraj Jain, CEO, Zopper.