In Startup50 2017: Razorpay is a full-stack hassle-free payments platform that enables more than 100 payment modes along with advanced features such as saved cards, link-based payments and more. This Tiger Global and Mastercard-backed firm has acquired over 35,000 merchants including small businesses, startups and other traditional organisations like schools, colleges, and training centres and names to reckon with such as Videocon, GoIbibo, Zomato, Nykaa, Chai Point, Urban Clap and Nestaway.
Founders: HarshilMathur and Shashank Kumar
Differentiation & Innovation in Implementation
The Bengaluru-based online payments platform was started in 2013 gets 15 percent of its volumes from link-based payments.Its two differentiating factors are speed of execution for new technologies and tools in the market as well as user experience.
Razorpay is a completely API-driven payment gateway with plug-in and plug-out features. When UPI was introduced, they were one of the first payment gateways to facilitate UPI payments and had almost 600 merchants on day 1. It charges a fee of 2 per cent – 4 percent of the value of transaction. It is quick to integrate new payment modes like UPI, Aadhaar Pay, and USSD Payments, Jio Money etc.
The founders started their venture in a co-working space, and soon the startups they shared the space with became their customers. Social media helped them reach out further.
Razorpay’s team of 150 is spread across Delhi, Mumbai and Kolkata and spread to the Middle East and Southeast Asia (Indonesia, Malayasia).
Razorpay, which was selected for the prestigious Y Combinator programme, registered 25x growth in business. It expects to continue growing at 30 percent on a month-on-month basis.
- Growth in business – 25x
- 150 – team size
- Fee 2 per cent – 4 percent of the value of transaction.
- US $11.5 million – Funding from Tiger Global, Matrix Partners, MasterCard, and 33 angels