Tiger Global-backed fintech unicorn Razorpay has agreed to buy a controlling stake in payment solutions startup Ezetap Mobile Solutions for $126 million ( ₹1,000 crore) in a cash-and-stock deal, two individuals familiar with the deal said.
The transaction will comprise $100 million in cash and the rest as equity, one of the two people cited above said, requesting anonymity. The transaction is likely to close within a few days, the second person added.
Razorpay and Ezetap didn’t respond to emailed queries till press time.
VCCircle was the first to report about the deal in January this year.
Earlier on Tuesday, news website Entrackr wrote about the development citing regulatory filings by Ezetap’s holding company in Singapore.
Razorpay competes with startups such as Paytm, Innoviti Payment Solutions and Pine Labs in India’s payment solutions industry.
