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Razorpay is an Indian financial technology company specialising in payment processing solutions[1]. Founded by Harshil Mathur and Shashank Kumar in the year 2014, Razorpay provides businesses with digital payment solutions, including a payment gateway, subscription billing, vendor payouts, and working capital loans with a focus on SMEs.[1][2]The company has emerged as one of the leading player in India’s fintech ecosystem, facilitating seamless transactions for businesses.[2]

History

Harshil Mathur and Shashank Kumar founded Razorpay in 2014 while studying at IIT Roorkee, aiming to simplify online payments for Indian businesses.[1][3] The company received early backing from one of the renowned tech start-ups incubator Y Combinator, which helped it secure initial funding and market traction in its growth phase.[3] Over the years, Razorpay has expanded its product suite beyond payment gateways to include banking and credit solutions under RazorpayX and Razorpay Capital respectively.[3]

Razorpay Software Private Limited
Company typePrivate
IndustryFintech, Payment Processing
FounderHarshil Mathur, Shashank Kumar
HeadquartersBengaluru, Karnataka, India
Key people
Products
Number of employees
3500-4000
Websitehttps://razorpay.com/

Business Model and Services

Razorpay operates as a full-stack payment solutions provider, offering services such as:[4]

  • Payment Gateway: Enabling businesses to accept payments via UPI, credit/debit cards, net banking, and wallets.[1][4]
  • RazorpayX: A neo-banking platform that provides automated payouts, corporate banking, and financial management.[4]
  • Razorpay Capital: Offers business loans and credit lines to SMEs based on transaction history and business performance.[4]
  • Razorpay Thirdwatch: An AI-driven fraud prevention tool for e-commerce businesses which was introduced after its first acquisition of Thridwatch in 2019.[4][5]

Funding and Growth

Razorpay has raised 11 rounds of funding starting from Mar 23, 2015 which included investors such as Sequoia Capital, Tiger Global, and Ribbit Capital.[6] The company achieved unicorn status in October 2020 after raising $100 million in a Series D funding round. Its most recent funding was a Series F round on Dec 19, 2021 for $375M.[7] 7 investors took part in its most recent round, with Lone Pine Capital, Alkeon Capital Management, TCV at the helm.[6] As of 2023, Razorpay has raised 742 million dollars which helped in expanding its services to millions of businesses across India and processes billions of dollars in transactions annually.[2]

Controversies and Challenges

Despite its rapid growth, Razorpay has been embroiled in regulatory controversy over compliance with India's financial regulations.[1] In 2022, Enforcement Directorate (ED) questioned the company over allegedly processing payments for illicit business.[8] However, Razorpay maintained that it adheres to regulatory norms and cooperates with authorities.

Additionally, the fintech industry in India is especially competitive, with players such as PayU, PhonePe, and Paytm offering similar services along with increasing participation of foreign start-ups like Stripe.[2][3][9] Razorpay has had to continuously innovate to maintain its market position.

Awards and Achievements

Razorpay has received several industry recognitions for its contributions to fintech and payment innovation in India:

  • Best Fintech Company Award (2024): Recognized at the Business Today-KPMG Awards for its transformative innovations and market leadership.[9][10]
  • Forbes Cloud 100 List (2024): One of the few Indian companies to be featured on the prestigious list, acknowledging its role in AI and cloud technology.[10]
  • Hall of Fame Recognition: Honoured for maintaining high security standards and customer trust.[11]

See Also

References

  1. ^ a b c d e "Report: Razorpay Business Breakdown & Founding Story | Contrary Research". research.contrary.com. Retrieved 2025-02-23.
  2. ^ a b c d "Razorpay Success Story- Facilitating the SME's with effortless online payment mechanisms! | Founders | Business Model | Funding | Revenue |". StartupTalky. 2024-12-12. Retrieved 2025-02-23.
  3. ^ a b c d "Razorpay: India's only full-stack financial solutions company for businesses". Y Combinator. Retrieved 2025-02-23.
  4. ^ a b c d e "Razorpay Products - Find out All the Products of Razorpay". 2021-07-03. Retrieved 2025-02-23.
  5. ^ "Razorpay Announces its First Acquisition - Thirdwatch". 2019-08-05. Retrieved 2025-02-23.
  6. ^ a b "Razorpay". Archived from the original on 2023-03-06. Retrieved 2025-02-23.
  7. ^ "Announcing Razorpay's $375 Million Series-F Funding, Valuation Increases to $7.5 Billion - Razorpay Blog". 2021-12-20. Retrieved 2025-02-23.
  8. ^ Malik, Bismah (2024-10-30). "Razorpay Walks The Tightrope Of Regulations And Profits". Inc42 Media. Retrieved 2025-02-23.
  9. ^ a b Kohli, Vedanti (2025-01-28). "Razorpay Success Story: Redefining Payments, Empowering Businesses!". Retrieved 2025-02-23.
  10. ^ a b "Razorpay Honoured As One of the Few Indian Companies to Feature in 'Forbes Cloud 100 List' 2024, Joins Global Titans in AI and Cloud Technology - Razorpay Newsroom". 2024-09-06. Retrieved 2025-02-23.
  11. ^ Razorpay. "Razorpay - Hall of fame". Razorpay. Retrieved 2025-02-23.
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