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Fintech services platform Razorpay on Thursday announced it has acquired offline payments services provider <keyword id="6519244" type="General" weightage="100" keywordseo="ezetap" source="Orion">Ezetap</keyword>, becoming one of the few companies globally with a significant online and offline presence in payments. According to sources, the deal size is around $150-200 million. This marks Razorpay's sixth and biggest acquisition to date. The <keyword id="14747570" type="General" weightage="50" keywordseo="ezetap-team" source="Orion">Ezetap Team</keyword> of around 300 employees will join Razorpay and work as an independent business unit. "We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform," said Harshil Mathur, CEO and Co-founder, Razorpay. Ezetap provides software for financial technologies, including point of sales (POS) solutions, billing, loyalty solutions among others, enablingAbusinesses to accept payments in-store and on-delivery. It currently serves over 500,000 touchpoints, including <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> and BigBasket, and works closely with banks like <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, <keyword id="45123" type="General" weightage="50" keywordseo="hdfc" source="Orion">HDFC</keyword>, ICICI and Axis, among others, processing over $10 billion in annual transactions on its platform. "We join Razorpay's suite of products to collectively offer businesses the best-in-class omni-channel payments experience and are excited at the limitless possibilities that together both the companies are looking to explore in the omnichannel payment world," said Byas Nambisan, CEO of Ezetap. Prior to this, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch. With a $80 billion total payment value (TPV) as of April, Razorpay is eyeing a 10-12 million merchant base by next year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rbi-tightens-norms-for-chinese-lending-apps/articleshow/93629917.cms">RBI tightens norms for Chinese lending apps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/genzs-millennials-are-turning-to-thrift-stores-to-upgrade-their-wardrobe-while-saving-the-environment/articleshow/93619737.cms">GenZs, millennials are turning to thrift stores to upgrade their wardrobe while saving the environment</a>

Fintech services platform Razorpay acquires offline payments firm Ezetap

Financial solutions company <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> on Monday said it has acquired AI-based risk tech <keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword> (software-as-a-service) platform <keyword id="11669390" type="UNKNOWN" weightage="20" keywordseo="tera-finlabs">TERA Finlabs</keyword> for an undisclosed sum. TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending. This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement. "The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting &amp; risk management and we see immense value in TERA Finlabs core lending infrastructure capabilities," said Harshil Mathur, CEO and Co-Founder, Razorpay. Razorpay Capital, along with TERA Finlab's technology capabilities, will be able to service the credit needs of over 10,000 businesses in India by the next year, the company said. "We are excited that the strengths of Razorpay and TERA Finlabs are now coming together to ensure that small businesses aren't burdened by the short-term uncertainties. Our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business," said Pradeep Rathnam, Co-Founder and CEO, TERA Finlabs. Razorpay acquired <keyword id="5569668" type="UNKNOWN" weightage="20" keywordseo="thirdwatch">Thirdwatch</keyword>, an AI-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce in 2018, and <keyword id="8363793" type="UNKNOWN" weightage="20" keywordseo="opfin">Opfin</keyword>, a payroll management software company, in 2019. The company said it has been witnessing a 40-45 per cent growth (on-month) and has achieved $40 billion TPV (Total Payment Volume). Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Airtel, Ola, <keyword id="11669388" type="UNKNOWN" weightage="20" keywordseo="zomato-swiggy-cred">Zomato, Swiggy, Cred</keyword> and ICICI Prudential, among others, and is set to reach 200 million customers this year. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

Fintech startup Razorpay buys SaaS firm TERA Finlabs

<keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">Edtech</keyword> giant <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s on Wednesday said that the $1 billion acquisition process of <keyword id="3406091" type="General" weightage="50" keywordseo="aakash-educational-services" source="Orion">Aakash Educational Services</keyword> is on track and is expected to be completed by August. BYJU's acquired Delhi-based offline test preparatory services provider <keyword id="6380190" type="General" weightage="100" keywordseo="aakash" source="Orion">Aakash</keyword> for $1 billion last year. The company was reacting to reports that Blackstone and other shareholders of Aakash are yet to be paid in both cash and stock as it has deferred the payment. A company spokesperson told IANS that the acquisition of "Aakash is fully on track and all payments are expected to be completed by the agreed upon date, i.e., August 2022". "Aakash is our most successful acquisition till date and we are very proud to have them in our fold," the company spokesperson added. "Along with all our group companies, we continue to be perfectly poised to provide access to quality education in all learning segments from early learning to exam prep and career success, the spokesperson said. Aakash Educational Services provides test preparation services for medical and engineering entrance exams, school/board exams, and other exams via Aakash Centres. The edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year. The latest development at BYJU's comes as the Indian edtech market is shrinking with reopening of schools, colleges and physical tuition centres. Led by the edtech platforms like Unacademy, <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>, <keyword id="2016957" type="General" weightage="50" keywordseo="vedantu" source="Orion">Vedantu</keyword>, FrontRow, Udayy, Lido Learning and others, over 10,000 start-up employees have been laid off in the country. In April, Unacademy laid off nearly 600 employees, contractual workers and educators, about 10 per cent of its 6,000-strong workforce across the group. In June, Unacademy said that a small fraction of its workforce (2.6 per cent or nearly 150 employees) was asked to go as part of a performance improvement programme (PIP). ALSO SEE <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/razorpay-rejigs-top-leadership-team-after-cofounder-moves-out-of-cto-role/articleshow/92537894.cms">Razorpay rejigs top leadership team after cofounder moves out of CTO role</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/after-groceries-in-10-minutes-most-indians-want-their-shoes-delivered-in-2-hours/articleshow/92539964.cms">After groceries in 10 minutes, most Indians want their shoes delivered in 2 hours</a>

Byju's says Aakash acquisition on track after reports that it has failed to pay  up

New Delhi, Apr 24 () Online <keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">payments</keyword> dropped by 30 per cent during the nationwide lockdown, hit by fall in digital <keyword id="96567" type="COUNTRY" weightage="20" keywordseo="Transactions">transactions</keyword> across sectors like logistics, travel, real estate and food and beverages, as per a report by fintech platform Razorpay.The report is based on transactions on Razorpay's platform between February 24 to March 23 (before lockdown) and March 24 to April 23 (during lockdown). It found that digital transactions recorded highest fall of 41 per cent in Gujarat followed by Madhya Pradesh (39 per cent) and Tamil Nadu (26 per cent). Interestingly, segments like utilities (bill payments), IT and software, and media and entertainment saw a growth of 73 per cent, 32 per cent and 25 per cent, respectively as people stayed indoors. "Transactions in logistics dropped by 96 per cent due to gaps in supply chain. Travel sector declined by 87 per cent, real estate by 83 per cent, F&amp;B by 68 per cent, and Grocery by 54 per cent," the report said. Digital transactions in cities like Ahmedabad, Mumbai and Chennai took a hit of 43 per cent, 32 per cent and 25 per cent, in these 30 days (March 24 to April 23), it added. "A significant drop of 30 per cent in online payments in the last 30 days is something we are seeing for the first time after demonetisation," Razorpay CEO and co-founder <keyword id="3349619" type="PERSON" weightage="20" keywordseo="Harshil-Mathur">Harshil Mathur</keyword> said. He added that in the first two weeks of March before lockdown, the overall online spending increased by about 10 per cent but later saw a dip primarily owing to precautionary measures which people started to take by staying indoors. Mathur said while COVID-19 continues to create uncertainty on a number of fronts, the pandemic is also a turning point for the fintech industry. There has been a growth in adoption of digital payments, especially in tier II and III cities in the last 30 days of lockdown. "I believe this is a huge opportunity for fintech companies, some of them may have to re-examine their business models after COVID-19, prioritising growth and customer acquisition over profitability. The fintech industry will be forced to evolve, think big and act boldly which will eventually result in innovations in payments and banking solutions to be able to meet new customer demands and behaviours," he said. During lockdown, online donations (transactions) towards NGOs increased by 180 per cent, the report said. In payment modes (during lockdown), UPI made the highest contribution of 43 per cent, followed by debit and credit cards with 39 per cent and netbanking with 10 per cent. However, compared to the 30 days before lockdown, transactions via UPI, cards and netbanking declined by 37 per cent, 30 per cent and 28 per cent, respectively, the report added. Among UPI apps, Google Pay contributed the highest with a 46 per cent share followed by PhonePe with 29 per cent and <keyword id="6357120" type="PERSON" weightage="20" keywordseo="paytm">Paytm</keyword> with 10 per cent. During the lockdown, Paytm saw a drop by 47 per cent, Google Pay 43 per cent and PhonePe 32 per cent. However, Paytm dismissed the same. "We would like to ascertain that Paytm Payments Gateway is India's leading payment processing platform with over 50% market share. For our merchant partners, we are directly processing transactions that can not be captured by any other payment gateway provider with regards to Paytm's UPI growth, contribution, and market share. Therefore, transactions done on Razorpay cannot be put forward as the industry's trend to determine Paytm's contribution to UPI. Their representation on Paytm's growth is misleading," said a Paytm spokesperson. Mobile wallet transactions, particularly in tier II cities saw a spike in the last 30 days, owing to increased contribution to PM Cares Fund and cashback offers and transactions via JioMoney increased by 66 per cent, AmazonPay by 63 per cent and Paytm by 43 per cent, the report said. SR ANUANU

30% drop in online payments amid lockdown: Razorpay

<ul><li><keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> has launched a corporate credit card for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> and <keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword>.</li><li>It also announced payment support for freelancers and homepreneurs, who struggle to manage their invoices and payments. </li><li>It also announced the acquisition of a payroll and HR management software company – Opfin. </li><li>Razorpay is expecting its business volume to grow four times by the end of FY21. </li></ul>Indian neo-banking platform Razorpay has launched a corporate credit card for startups and SMEs, along with a bunch of other products today. The credit card will give businesses a no-cost interest for 50 days with a credit line ranging between ₹50,000 to ₹25,00,000. “The move we have made today, helps us expand our horizon in payments and banking and solve new challenges for ambitious businesses who are wanting to disrupt the Indian economy,” said said Harshil Mathur, CEO and Co-founder of Razorpay. The company also claims that it has seen a 500% growth in the last one year. It has over 800,000 clients and hopes to grow this number to 1.4 million by 2020. Some of its marquee clients are Indigo, Bombay Stock Exchange, Thomas Cook, Reliance Industries, SpiceJet, Aditya Birla, Sony and Oyo. It is also expecting its business volume to grow four times by the end of FY21. The startup also announced payment support for freelancers and homepreneurs who struggle to manage their invoices and payments. “We want to make banking trivially simple and accessible for our partner businesses so that while they focus on building new ideas, products and experiences, we take care of their concerns around financial processes,” said Mathur. It also announced the acquisition of a payroll and HR management software company – Opfin. The financial details of the transaction are not disclosed. In June, Razorpay raised $75 million in a series C round of funding from marquee investors like Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator. In June, the startup also offered digital payment support for 100 currencies enabling Indian businesses to transact and accept payment from global companies. Interestingly, Razorpay was also one of the first startups to announce employee stock options. According to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/tiger-global-snaps-up-razorpay-esops/articleshow/66686980.cms">reports</a>, 140 employees had used their stock options in the company to cash in money from investment firm Tiger Global in November 2018.

Razorpay launches small biz credit card with no-cost interest for 50 days

<ul><li>Digital payment transactions dipped by 30% in India, says a report by payments company <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>.</li><li>However, interestingly ‘online donations’ went up by 180%. </li><li>Razorpay founder Harshil Mathur believes that this is an opportunity for fintech companies to turn things around.</li></ul>It looks like Indians are tightening their purse strings and loosening it for essentials only. As per a report by Razorpay, digital payment transactions fell by 30% in India in the last 30 days of lockdown. This is an aberration for fintech companies whose transaction numbers have only been rising since demonetisation in 2016. “In the first two weeks of March before lockdown, the overall online spending increased by about 10% but later saw a dip primarily owing to precautionary measures which people started to take by staying indoors,” said Harshil Mathur, CEO and co-founder, Razorpay. According to the company’s report, transactions in logistics dropped by 96% due to gaps in supply chain, travel sector declined by 87%, real estate by 83%, food and beverage (F&amp;B) by 68%, and grocery by 54%. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2086535" data-url="https://flo.uri.sh/visualisation/2086535/embed"></div>]]></cdata></div> However, interestingly ‘online donations’ went up by a whopping 180%. After the pandemic, several organizations called for donations to help out the needy and it looks like many answered the call. Since the country is closed for everything except essentials, several fintech companies with payment products have seen a drop in transactions. In some cases, by almost half. “During the lockdown, Paytm saw a drop by 47%, Google Pay by 43% and PhonePe by 32%,” says the report. However, Paytm dismissed the same. "We would like to ascertain that Paytm Payments Gateway is India's leading payment processing platform with over 50% market share. For our merchant partners, we are directly processing transactions that can not be captured by any other payment gateway provider with regards to Paytm's UPI growth, contribution, and market share. Therefore, transactions done on Razorpay cannot be put forward as the industry's trend to determine Paytm's contribution to UPI. Their representation on Paytm's growth is misleading," said a Paytm spokesperson. But Mathur believes that this is the time fintechs saw an opportunity to turn things around. “I believe this is a huge opportunity for fintech companies, some of them may have to re-examine their business models after Covid-19, prioritising growth and customer acquisition over profitability. The fintech industry will be forced to evolve, think big and act boldly which will eventually result in innovations in payments and banking solutions to be able to meet new customer demands and behaviour,” he said. Mathur believes that in a post Covid-19 world, there will be a greater collaboration between banks and fintech companies as new digital tools will be integral to any bank’s strategy. “The new macroeconomic narrative will soon transform into the next normal,” he said. See Also: <a href="https://www.businessinsider.in/business/startups/news/mswipe-a-nine-year-old-point-of-sale-startup-reveals-that-it-has-broken-even-while-denying-a-report-that-it-is-up-for-sale/articleshow/75349455.cms">MSwipe a nine-year old point-of-sale startup reveals that it has broken even while denying a report that it is up for sale</a> <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms">EXCLUSIVE: The nearly $3 billion Udaan lays off thousands of its contract staff⁠— sales and delivery guys are now out of jobs</a>

Digital payment transactions fall by 30% in India for the first time since demonetization because of coronavirus lockdown

New Delhi, Nov 22 () Fintech major Razorpay on Friday said it has acquired payroll and HR management software company, Opfin.
 The company did not disclose the amount it has raised.
 The acquisition will enable businesses to not only manage their payroll process and fund transfers, but also manage filing of taxes, compliances through a single platform without hiring any external vendors, Razorpay said in a statement.
 "Payroll is a fragmented market with no clear solution. With Opfin, Razorpay hopes to make this effort a lot easier with robust technology and an enhanced experience. This acquisition is a significant part of RazorpayX's business banking strategy," it added.
 RazorpayX is the company's AI-driven neo-banking platform.
 This is Razorpay's second acquisition in the last six months, after Thirdwatch, an AI-driven company specialising in big data and machine learning for real-time fraud prevention.
 Besides, Razorpay launched corporate credit cards for SMEs and startups in partnership with RBL.
 With this launch, Razorpay aims to solve challenges around access to credit, short term credit, reconciliation, expense filing and help businesses lead a healthy financial life, it said.
 These announcements were made at the second edition of FTX, Razorpay's flagship fintech conference in Bengaluru.
 "It is important to think about financial inclusion not just in terms of consumers but also in terms of businesses...The move we have made today, helps us expand our horizon in payments and banking and solve new challenges for ambitious businesses who are wanting to disrupt the Indian economy," Razorpay CEO and co-founder Harshil Mathur said.
 Currently, the payments business forms 70 per cent of Razorpay's revenue and the neo-banking platform, Razorpay X along with Razorpay Capital forms the rest 30 per cent.
 The company has been witnessing a growth rate of 35 per cent month-on-month.
 "Currently powering payments for over 8 lakh businesses including the likes of Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony and Oyo, the team plans to increase this to 14 lakh by 2020. This neo-banking platform expects a 4x growth in its volumes by the end of the next fiscal year," the statement said. SR SHW
SHW

Razorpay acquires Opfin, introduces corporate credit cards with RBL

<ul><li><keyword id="1972612" type="PERSON" weightage="20" keywordseo="Coinbase">Coinbase</keyword> is setting up a new office in India and expanding its local team.</li><li>The crypto exchange plans to recruit ‘hundreds’ of engineers as well as hire for the product, design and human resources teams.</li><li>Startup acquisitions and acquihires are on the books as well.</li></ul>Crypto exchange Coinbase just went public three months ago, and now it’s looking to expand its footprint in one of the most populous countries in the world, India. It has big plans to hire, acquire and make the South Asian country one of its primary hubs. <div type="twitter" handle="brian_armstrong" handlename="Brian Armstrong" image="http://pbs.twimg.com/profile_images/1039744169026224128/Ne3vqMhM_normal.jpg" favoritecount="5792" retweetcount="1137" status="Coinbase is building out an office in India! 🇮🇳 Amazing team already in place - come join us.https://t.co/yCaJk681pZ" createdat="1625249316000" id="1411024018228928512"></div> The chief executive (CEO) of the company, Brian Armstrong, recently tweeted that Coinbase is already building its office out of the country — in Hyderabad — and looking to add to its local team. This includes adding ‘hundreds’ of engineers while also recruiting for the human resources, design, user experience and product management teams. According to the blog post by the vice president of engineering in India, <a href="https://blog.coinbase.com/building-crypto-out-of-india-5cd5afa6d884">Pankaj Gupta</a>, these new hires will be among the “topmost talent available anywhere in the world.” <div type="ExtQuote" text="We have ambitious plans for this hub in the near future — we want to hire hundreds of world class engineers in the near term." auname="Blog post by Pankaj Gupta, the VP of Engineering and Site Lead in India for Coinbase"></div> Anyone who ends up at Coinbase will receive a one-time $1000 in crypto as a part of the company's new program called CIkka — pronounced ‘sikka’. The news comes after the crypto exchange announced that it’s working on an app store, <a href="https://www.businessinsider.in/cryptocurrency/news/coinbase-wants-to-become-the-apple-of-the-crypto-industry/articleshow/83986137.cms">that will work like Apple’s App Store</a>, for decentralised apps (DApps). Coinbase wants to be as local as possible Even though Coinbase is currently based out of Delaware in the US, its teams in India will be led by independent directors. They will have the autonomy to make decisions as per the local context and requirements. The company is ‘remote-first,’ so they’re open to hiring all over India, not just in Hyderabad where they’re setting up shop. In addition to the robust hiring, Coinbase hasn’t ruled out acquiring up and coming startups. The company has asked interested founders to reach out to Gupta so that their ideas can be discussed further. India’s crypto hype and FUD Cryptocurrencies were a red hot investment asset for Indians during the pandemic. Blockchain data analysis company Chainalysis estimates that Indian investments into cryptocurrency rose from $923 at the end of April last year to a whopping $6.6 billion by May 2021 — that’s a massive 615% jump. But, this also brought in more scrutiny from the government. While there is no official ban on cryptocurrencies in India, the Reserve Bank of India (RBI) continues to frown on it. Risk-averse banks, in turn, are hesitant to allow customers to exchange their rupees into cryptocurrencies. Since major payment gateways — like Razorpay, PayU and BillDesk — are dependent on these banks, they have had to sever ties with crypto exchanges. As a result, exchanges in the country are currently on the hunt for payment gateways that will allow conversion. WazirX and CoinSwitch Kuber, for instance, have currently partnered with Mumbai-based Airpay for instance transfers. Most exchanges offer alternatives like peer-to-peer (P2P) transactions or manual settlement — but those may not necessarily be an option for most users. Coinbase’s entry into the Indian market could lend some authority to crypto community camps with the Indian government mulling over new crypto laws and taxes. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/aamir-khan-backed-furniture-rental-startup-furlenco-raises-1000-crore/articleshow/84132797.cms">Aamir Khan-backed furniture rental startup Furlenco raises ₹1,000 crore</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

Coinbase expansion plans in India include hiring ‘hundreds’ of engineers and exploring startup acquisitions

<ul><li>After touching almost $140 per barrel, the highest in 14 years, <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> have cooled down on easing Russia-Ukraine crisis and resurgence of COVID-19 cases in China.</li><li>One of the biggest concerns -- high crude oil prices-- for the Indian economy has finally come under control.</li><li>The drop in crude prices in the international market is a big relief for India as it imports 85% of its oil demand.</li></ul>After a sharp rise in crude oil prices for a couple of weeks, which shook the Indian economy to its core, it is finally inching down. Crude oil prices had gone up to $140 per barrel, the highest in 14 years after Russia invaded Ukraine. Now that the war between the two European nations is cooling off, oil prices have eased. Fear of major oil disruption from one of the biggest oil producers, Russia, had spiked up the prices. A Ukrainian negotiator reportedly said on Tuesday that talks with Russia on a ceasefire and withdrawal of Russian troops from Ukraine are ongoing. Moreover, resurgence of COVID-19 cases in China is another reason for the fall in prices of the commodity. This is because China is amongst the world’s largest oil importer and a new lockdown in the country may slow down oil demand and eventually reduce oil prices. The fall in crude oil prices is good news for the Indian economy as the country imports 80% of its oil needs and any rise in oil price increases the import bill. Equity markets are also cheering the moment as concerns around the Indian economy and heightened oil inflation have eased. February 24 was when the markets witnessed one of the biggest crashes, which wiped out <a href="https://www.businessinsider.in/stock-market/news/india-stock-market-down-sharply-as-russia-declares-war-on-ukraine/articleshow/89791440.cms">$177 billion from the Indian market </a>because of the <keyword id="9594427" type="General" weightage="20" keywordseo="russia-ukraine-war" source="Orion">Russia Ukraine war</keyword> and crude oil price crossing $100 a barrel. On March 16, India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="66115" type="General" weightage="20" keywordseo="nifty-50" source="Orion">Nifty 50</keyword> rose more than 1% today as a fall in crude oil prices was a big relief. Despite the wide fluctuations in crude oil prices, <keyword id="61430" type="General" weightage="20" keywordseo="fuel-prices" source="Orion">fuel prices</keyword> in India did not rise as five states were undergoing elections. However, now that the elections are done and oil prices are under control, it is to be seen if the government will hike prices or not. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/razorpay-makes-its-fifth-acquisition-this-time-to-empower-banks/articleshow/90253672.cms">Razorpay makes its fifth acquisition, this time to empower banks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/india-logs-2876-new-covid-19-infections-and-98-fatalities-in-last-24-hours/articleshow/90252569.cms">India logs 2,876 new COVID-19 infections and 98 fatalities in last 24 hours</a>

You Searched For "razorpay acquisitions" and got 9 results

Fintech services platform Razorpay acquires offline payments firm Ezetap

IANS

Fintech startup Razorpay buys SaaS firm TERA Finlabs

IANS

Byju's says Aakash acquisition on track after reports that it has failed to pay up

IANS

30% drop in online payments amid lockdown: Razorpay

PTI

Razorpay launches small biz credit card with no-cost interest for 50 days

Sanchita Dash

Digital payment transactions fall by 30% in India for the first time since demonetization because of coronavirus lockdown

Sanchita Dash

Razorpay acquires Opfin, introduces corporate credit cards with RBL

PTI

Coinbase expansion plans in India include hiring ‘hundreds’ of engineers and exploring startup acquisitions

Prabhjote Gill

Tensions around high crude oil prices have eased as price goes below $100 per barrel

Bhakti Makwana

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