Payments platform Paylo buys Ruplee
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Bengaluru: Paylo.in (Binge Advisory Pvt. Ltd), an offline payments platform, acquired Ruplee I Pay Solutions Pvt. Ltd, an in-restaurant payments app, the company said in a statement on Monday.
The terms of the deal were not disclosed. The deal will see the merger of teams from both platforms and products, helping Ruplee evolve into an omni-channel app-only platform.
Founded in 2015 by Rohit Chadda, a former managing director (India) of food aggregator Foodpanda, Paylo had raised seed funding in August.
“I want to address and realize the true potential of digital payments in a country like India which has over 1 billion phone connections but only 40 million mobile banking users. The bigger problem I think is that only 6% of merchants in the country, at present, accept cashless payments. Ruplee is a young innovative platform with a strong team which has worked hard to understand how offline payments work,” Chadda said in a statement on Monday.
Ruplee, which started operations in October 2014, partners with over 300 restaurants across the national capital region. “The rich experience in the Indian e-commerce market that Rohit and Paylo’s team bring will enable us to rapidly scale and congeal our position as a market leader,” Natasha Jain, founder and chief executive of Ruplee, said in a statement.
Chadda said he would like to build on and scale Ruplee’s outreach, given the finance ministry and the Reserve Bank of India’s guidelines to push digital payments and card acceptance infrastructure. In February, the cabinet approved measures to promote cashless payments to check tax evasion and promote a cashless economy. The government had listed withdrawal of surcharge, service charge and convenience fee on cards and digital payments.