Bangalore-based Razorpay, the payment company, has announced the acquisition of Thirdwatch, an enterprise using big data to prevent ex-commerce businesses becoming fraud victims.
Thirdwatch is based in Gurgaon, India and specializes in reducing return-to-origin and fraud orders. “The Thirdwatch acquisition will further help us in building core competencies in big data and AI to solve unique business problems across the industry,” said Shashank Kumar, co-founder of Razorpay.
His co-founder and CEO Harshil Mathur added, “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 e-commerce companies’ necks for the longest time and we believe through this acquisition we will empower e-commerce businesses to digitally transform and disrupt, by improving their response and redressal mechanisms of combating fraud.”
Mathur continued that he believed that the two companies’ combined efforts could reduce fraud by between 30 to 40 per cent by 2020.
Shashank Agarwal, founder of Thirdwatch shared his new owners’ commitment to tackling fraud in India and expressed his excitement about becoming “part of the Razorpay family”.
No details about how much the acquisition cost was released.
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