PhonePe announced the acquisition of Zopper Retail. As a part of the acquisition, Neeraj Jain, Founder & CEO of Zopper will join the PhonePe team as Head of Product, Offline Merchant Solutions.
PhonePe’s transaction ecosystem comprises in-app, online and offline merchants. Investing in the growth of digital transactions at offline merchant locations forms a very important part of the PhonePe strategy. Combining PhonePe payments with some of the capabilities that Zopper Retail offers as value added services would greatly enhance the adoption of digital payments for merchants.
“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 Neeraj and team are also a great culture fit for PhonePe. 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, CEO, PhonePe.
“PhonePe is a leader in the payments space and we are delighted to be joining forces with them. Zopper has a strong technology ethos and in PhonePe we have found a like-minded partner. By joining forces with PhonePe we strengthen our commitment to 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.
PhonePe has been rapidly 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 $20Bn 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.