The Indian startup company, Razorpay Software Pvt. Ltd, which has lately received fresh capital via funding round, has made its acquisition, according to a media report.
It has acquired Gurugram-based artificial intelligence (AI) startup, Thirdwatch Data Pvt. Ltd., Razorpay said in its statement, as reported by the daily news, VC Circle.
The company has not disclosed the acquisition sum that was involved in the transaction.
The acquisition will help Razorpay boost its AI, machine learning and big data capabilities to improve its payment experience and avoid fraudulent transactions, Razorpay told the daily news.
Fraud has been the albatross around e-commerce companies' necks for the longest time. Through this acquisition we will empower businesses across industries to digitally transform and disrupt, by improving their response and redressal mechanisms of combating fraud, CEO and co-founder of Razorpay, Harshil Mathur told the daily news.
Together, I believe we can help reduce frauds by 30-40 per cent by next year, Mathur added.
After this transaction, Thirdwatch, which is established by Shashank Agarwal, will be moved to Razorpays headquarter i.e. Bengaluru and further, will become entirely owned subsidiary of the acquirer.