Razorpay is in early talks to acquire a majority stake in Ezetap Mobile Solutions Pvt. Ltd. Byas Nambisan, CEO of Ezetap, confirmed that his company is in talks with many investors and venture capital funds to raise nearly $60 million in funding. The startup, founded in the year 2011, initially operated in the fintech space by processing card payments on mobile phones for big enterprises and businesses. The company served over 300 big and small enterprises like Amazon, Bharti Airtel, Reliance, Indian Oil, Bigbasket and Urban Ladder.

However, the company later shifted to a bank partnership model. This has allowed them to raise $55-60 million in funding to date. Under this model, the company started to approach banks with solutions like an Android terminal, including sector-specific payment solutions and value-added features such as billing, instant EMIs through debit and credit cards, auto settlement and analytics.