PhonePe acquires Zopper Retail to strengthen hyperlocal offline presence

PhonePe

PhonePe, an online digital payments platform, owned by Flipkart has announced the acquisition of Zopper, hyperlocal e-commerce platform’s Point-of-Sale (PoS) business, Zopper Retail, backed by Tiger Global. The details of the deal are not yet disclosed.

As reported earlier this month, PhonePe was in involved in talks with Zopper regarding the deal, it was to be announced soon.

As a part of the deal, Neeraj Jain, the chief executive officer at Zopper Retail will be joining PhonePe as the head of product for its offline merchant solutions.

PhonePe, one of the major players in UPI payment space has been involved in the development of its offline payment business by making a Bluetooth enabled payment system for offline payments.

“Zopper Retail 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, chief executive officer, PhonePe.

This new acquisition will help PhonePe to strengthen its offline platform by utilizing the capabilities of Zopper and merging services to enhance its own platform. Zopper Retail has acquired 15,000 customers so far, it will also help PhonePe to expand their offline presence using Zopper’s network and market outreach.

Neeraj Jain, Chief Executive Officer, Zopper, said, “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,”.

PhonePe has been successful in grabbing some market share for its online payments platform and is accepted as a payment option across 3 million offline and online merchants outlets covering various categories like food, travel, groceries, movie tickets, etc. Along with a strong user base of 100 million, it is in a good position to give competition to other big players in payment space like Paytm, Google Tez, MobiKwik, among many others.

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