Online Payments Solution Provider Razorpay Acquires AI Startup Thirdwatch

Share on facebook
Share on google
Share on twitter
Share on linkedin
Time to Read: 2 minutes

The current acquisition will elevate the work Razorpay has been doing in the sphere of exponential technologies: AI, machine learning and big data.

Razorpay, a Bengaluru-based online payments solution provider recently announced about acquiring Thirdwatch, which is a Gurugram based Artificial Intelligence (AI) driven company. Thirdwatch specializes in big data and machine learning. This acquisition will help Razorpay with real-time fraud prevention.

Since its inception, Razorpay has been working on solving problems towards strengthening the fintech and banking ecosystem. The current acquisition will elevate the work Razorpay has been doing in the sphere of exponential technologies: AI, machine learning and big data. As informed by the company, it is aiming to improve payment experience and avoid fraudulent transactions.

Post the acquisition, Thirdwatch will now be based at the company’s headquarters in Bengaluru. This is Razorpay’s very first acquisition and Harshil Mathur, CEO and Co-Founder of Razorpay, says, “This acquisition is a perfect fit. Our war is against cash, hence we want to address all problems surrounding it through new integrated data science technologies. Fraud has been the albatross around ecommerce companies’ necks for the longest time and we believe through this acquisition we will empower businesses across industries to digitally transform and disrupt, by improving their response and redressal mechanisms of combating fraud. Together, I believe we can help reduce frauds by 30-40 percent by next year.” 

In June, Razorpay had secured $75 million as a part of its Series C funding, led by new investors Ribbit Capital and Sequoia India with participation from existing investors Tiger Global Management and Y Combinator. Prior to this, the company had secured a total of $31.5 million across Series A (2016) and Series B (2018) rounds, from 33 angel investors and a strategic investment by MasterCard. 

Related Article  Security concerns blocking UK digital transformation

 

The thriving culture of acquisitions and synergies between organizations has opened up a new avenue for growth. A company can either grow organically or through acquisition but as per the latest trends, the latter is gaining more pace. Most of the successful firms today are going for acquisitions to become more efficient and effective. Hence, it will be interesting to witness how the acquisition of Thirdwatch pans out for Razorpay.

Leave a Reply

RSS Latest Technology News

  • Diablo Immortal delayed to 2022 August 3, 2021
    The mobile Diablo spin-off gets more time for polish after feedback from its technical alpha.
    Wes Fenlon
  • Shiny New Xbox Controller Adds A Subtle Upgrade August 3, 2021
    Microsoft's latest special-edition controller for the Xbox Series X/S is called “Aqua Shift” and it comes out August 31. In addition to looking like a moonbeam shot through the ocean surf, it has a new rubberized panel to help you keep hold of it even when your ...
    Ethan Gach
  • Why AMD Stock Is Up More Than 4% Today August 3, 2021
    The new W6000X series GPUs will offer a huge performance upgrade for the Mac Pro, and a hefty price tag to boot. What happened. Shares of Advanced Micro Devices (NASDAQ:AMD) were up 4.2% today as of 3:30 p.m. EDT. The run higher builds on the ...
    Nicholas Rossolillo

SUBSCRIBE FOR XTECHALPHA NEWS AND RECEIVE WEEKLY UPDATES

Follow Us

Online Payments Solution Provider Razorpay Acquires AI Startup Thirdwatch

by Sameer Dhanrajani Time to Read: 1 min
0
AI Tool to Reshape Treatment by Predicting Cell Behaviors
Get to know the latest updates on exponential technologies, new age industry segments with our weekly XTechalpha Xclusive newsletter straight in your mailbox.