Upon asked, Razorpay didn’t disclose the exact amount of the deal involved, however, the company is using it’s recent fund base in order to take over the smaller firms in order to strenthen its footprints in the digital payments market place. The biggest competitor of Razorpay is believed to be Payumoney and Ccavenue.
Quoting Economic Times, Harshil Mathur, CEO Razorpay, “Thirdwatch will help us offer artificial intelligence and machine learning-based detection tools to reduce cash on delivery frauds which we will be offering to e-commerce platforms that are our clients,”.
It needs to be noted that, Thirdwatch is said to reduce losses due to online frauds for their eCommerce partners by 80%. The company has termed this fraud reduction tool as Mitra.
Thirdwatch will work as a subsidiary of Razorpay from it’s Bangalore headquarters.