Razorpay announces its first acquisition with Gurgaon-based Thirdwatch

Bengaluru: Payments solution company Razorpay today announced its acquisition of Thirdwatch, an artificial intelligence (AI) start-up based out of Gurgaon which specializes in real-time fraud prevention using machine learning.

The amount of the deal was undisclosed, and the acquisition comes just weeks after Razorpay announced $75 million fundraising in its Series C funding round, led by venture capital investors Ribbit Capital and Sequoia Capital India last month.

Thirdwatch applies AI to fight fraud by utilizing data science, which will now be used to boost Razorpay’s fraud detection mechanism. Harshil Mathur, chief executive of Razorpay, said that the Thirdwatch acquisition will allow Razorpay to prevent 30-40% of online frauds among its merchant base by next year.