Correct Answer : Razorpay
Fintech unicorn, Razorpay has announced its first international acquisition by acquiring a majority stake in Curlec, a leading Malaysian firm. Razorpay’s CEO and co-founder, Harshil Mathur said that the deal valued the company at $19-$20 million. Mathur said that Curlec acquisition will mark the first global buyout for Razorpay and that the company will be focussed on emerging markets in South-East Asia including Malaysia, Thailand, Vietnam.
Curlec is a Kuala Lumpur-based company, building solutions for recurring payments for modern businesses of all sizes. This also marks Razorpay’s fourth acquisition.
Currently South-East Asia is a digital payment powerhouse, having witnessed significant financial transformation over the last few years, driven by changing consumer and retail trends and more inclusive payment options. And while e-commerce is already booming in Malaysia with an estimated market size of $21 billion in 2021, an industry report said it is estimated to grow further to over $35 billion by 2025, fuelled by the emergence of new mobile payment methods, as per Razorpay’s official handout.
Source : Business Today