By Abhay Ray 
Introduction
For years, they believed that creating seamless transactions was a significant challenge, and no one was getting it right. So, they took it upon themselves to solve the problem. Founded by IIT Roorkee alumni, Razorpay aims to revolutionize money management for online businesses by providing clean, developer-friendly APIs and hassle-free integration. They offer a fast, affordable and secure way for merchants, schools, ecommerce and other companies to accept and disburse payments online, own a fully-functional current account and avail working capital loans.
Razorpay is the only payments solution in India that allows businesses to accept, process and disburse payments with its product suite. It gives you access to all payment modes including credit card, debit card, netbanking, UPI and popular wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp.
About the Founder
Razorpay was founded by Harshil Mathur (CEO) and Shashank Kumar (Managing Director and former CTO) in 2014. The founders originally met while attending IIT Roorkee at the university’s innovation lab, SDSLabs, where Mathur was a member and Kumar was the vice president. During their time at university, Kumar conducted research at the University of Minnesota under Dr. Vipin Kumar focused on climate monitoring-related analysis, and interned as a software development engineer at Microsoft. Kumar proceeded to work at Microsoft for the first two years of his career, while Mathur started his career as a Wireline Field Engineer at Schlumberger, an oil & gas technology provider
Products & Services
Razorpay offers a range of services, starting with its flagship end-to-end payments gateway, which is designed for ease of use via a user-friendly dashboard. The gateway supports various payment methods, including UPI (the first in the industry for merchants), credit/debit cards, 50+ net banking options, and digital wallets like Amazon Pay and MobiKwik. It also accommodates payment structures like EMIs and “pay later” solutions.In addition to the gateway, Razorpay provides several tools for businesses, including payment links, QR codes, subscription services, GST-compliant invoices, and international payment capabilities. Features like flash checkout, real-time gross settlement for instant transactions, and smart collect for automatic reconciliation enhance the customer experience and boost conversion rates. Razorpay also supplies PoS hardware tailored for small stores and kiosks, optimizing payment processes across different business environments.
RazorpayX supercharges your business banking experience, bringing effectiveness, efficiency, and excellence to all financial processes. With RazorpayX, businesses can get access to fully-functional current accounts, supercharge their payouts and automate payroll compliance. Manage your marketplace, automate bank transfers, collect recurring payments, share invoices with customers and avail working capital loans – all from a single platform. Fast forward your business with Razorpay.
Razorpay’s Evolution : From Startup to Unicorn, Poised for IPO
Razorpay’s journey from its inception in 2014 mirrors the rapid growth of India’s fintech landscape. The company capitalized on pivotal moments like demonetisation in 2016, which propelled India towards digital payments, and the subsequent rise of digital commerce and cross-border payments.Initially a minor player in the ecommerce space, Razorpay now processes an impressive $180 billion in total payments volume annually, with a target of reaching $1 trillion in the coming years. The company’s focus has expanded beyond serving ecommerce merchants, positioning itself as a key payments partner for over 80 Indian unicorns, underscoring its growing influence in the ecosystem. Razorpay raised $375M in its latest funding round, which was Series F round held on Dec 19, 2021. Razorpay has raised a total funding of $742M over 11 rounds.
As India’s startup scene matures, Razorpay is scaling up in tandem. With its sights set on an IPO, the company is preparing for a public listing, which had always been part of the plan but has gained urgency given the current momentum. The founders, Harshil Mathur and Shashank Kumar, are also focused on creating wealth for Razorpay’s 3,000-plus employees, many of whom have been part of the company’s ESOP program since 2018.However, the path to an IPO isn’t without its challenges. In the past 12-24 months, Razorpay faced key milestones like redomiciling to India, securing regulatory approvals for its payment aggregator business, and onboarding thousands of new merchants and enterprises.
Despite these hurdles, Mathur is buoyed by the success of post-IPO companies like Zomato, Paytm, and Policybazaar, which provided valuable insights into the public market journey. This has strengthened his conviction and fueled Razorpay’s drive toward becoming the next major IPO success story.
Conclusion
Razorpay’s evolution from a startup founded by IIT Roorkee alumni to a leading player in India’s fintech ecosystem showcases its ability to adapt and innovate in an ever-changing market. By addressing the challenges of seamless transactions, the company has revolutionized online payments for businesses across India, providing a comprehensive suite of solutions that cater to diverse needs from payment gateways to banking services and working capital loans.
As Razorpay processes billions in payments annually and partners with over 80 unicorns, its influence continues to grow. With a clear focus on expansion, the company is now preparing for a public listing, backed by strong momentum and key milestones, including regulatory approvals and a growing customer base. As it moves towards its IPO, Razorpay’s journey mirrors the success of other fintech companies and strengthens the belief that it is poised to become one of India’s leading tech IPOs.The path ahead for Razorpay is exciting, with the founders committed to scaling up their operations, creating wealth for employees, and driving continued innovation. As it aims for the $1 trillion TPV target and embraces new opportunities, Razorpay is on track to continue its journey as a prominent force in global fintech.
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