Flipkart’s digital payment subsidiary PhonePe has acquired Zopper Retail, a hyperlocal Point of Sale (POS) platform for small and medium businesses, for an undisclosed amount. The acquisition is part of PhonePe’s strategy to aggressively ramp up its offline business.
As part of the deal, Zopper co-founder and CEO Neeraj Jain will join PhonePe as Head of Product, Offline Merchant Solutions.
Zopper Retail had raised over $20 million in funding from investors like Tiger Global, Blume Ventures and Nirvana Ventures Advisors. Zopper’s Affinity Programs and Extended Warranty business unit ‘Zopper Assure’ is outside the ambit of the deal and will continue to operate as a separate entity.
“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.
With the new acquisition, PhonePe will be able to merge few value added service capabilities of Zopper into its platform thereby strengthening its offline proposition for the merchants.
PhonePe currently claims to have a network of three lakh offline and online merchant outlets covering food, travel, groceries, movie tickets, etc. It crossed the 100 million user mark and also crossed the $ 20 billion annual total payment volume (TPV) run rate in May this year.