In-restaurant payments app Ruplee on Monday announced that it has been acquired by former Foodpanda MD Rohit Chadda’s venture Paylo.in.
The transaction will see a merger of both teams and products helping Ruplee evolve into an omni-channel payment platform from an app-only play in addition to expanding its cashless payments experience to more verticals beyond food where it already enjoys a first-mover advantage. The company will partner with over 300 restaurants in Delhi.
Rohit Chadda, who exited Foodpanda last year and started a digitized offline retail payments company, Paylo.in, believes that in a country like India where only 6% of merchants accept cashless payments, there is a great need to push for digitization and wider acceptance for a safe and secure cashless payment.
“Ruplee is a young innovative platform with a strong team which has worked hard to understand how offline payments work. With both Ministry of Finance and Reserve Bank of India recently announcing guidelines to push digital payments and card acceptance infrastructure, the real opportunity for us is now to build on and scale further Ruplee’s current outreach.” said, Rohit Chadda.