10 Top Facts About Razorpay

Some Unknown Facts About Razorpay
Voiced by Amazon Polly

Razorpay is India’s only converged payments solution company that permits your business to accept, process, and disburse payments via its product suite. With Razorpay, you access all payment modes, including credit and debit cards, UPI, and popular mobile wallets.

Co-Founders: Harshil Mathur and Shashank Kumar

Headquarters Regions: Bangalore, Karnataka 

Founded: 2014

Business Model: B2C

  • The founders- Harshil Mathur, and Shashank Kumar met at IIT Roorkee, and the duo set up Razorpay in 2014. As the two concluded that new startups encountered accepting money online before, they started looking into opportunities relating to businesses aiding in payment processing.

  • Razorpay’s Business Model, The platform charges around 0.25 – 0.5 per cent fees for each subscription collection transaction via their gateway. After the setup of version 2.0, the platform has given rise to multiple revenue streams heading ahead. The company charges around two per cent on every transaction carried out via their payment gateway.

  • The platform has launched a collateral-free line of credit, ‘Cash Advance’, for businesses. This line of credit lets MSMEs borrow working capital with a credit limit of Rs 50,000 to Rs 10 lakh within 10 seconds through the Razorpay dashboard, following the business’s credit history.

  • The platform’s payments are around 5 million merchants, including Airtel, Ola, Zomato, BookMyShow and so on, in contrast with 1 million in 2019.

  • RAZORPAY Funding: The platform is valued at over $1 billion following its most recent funding round and has obtained about $206 million in total after all its funding rounds.

Also Read: Some Unknown Facts About Paytm

  • In 2017, the platform had set up four products, namely Razorpay Route, Razorpay Subscriptions, Razorpay Smart Collect and Razorpay Invoices. These products try to handle tasks such as cash flows, disbursement of money, automating NEFT, bank wires, and collection of scheduled payments.

  • Another subsidiary venture that the platform launched is Razorpay Capital, a lending platform that helps businesses by providing them instant loans to aid them in resolving their cash flow issues.

  • The service has launched new services, namely ‘Partial payments’ and ‘Batch Uploads’, where the Partial Payments feature permits the end-users to perform payments in sections against a certain order ID as opposed to performing the complete payment together and the Batch Uploads feature allows business entities to produce and process links in batches instead of setting up separate links by uploading distinct files which accommodate the collect order information.

  • Leading clients of Razorpay include Oyo, Cred, Facebook, Zomato, Flipkart, Swiggy, Byju’s, Yatra and Goibibo, and the telecom giant Airtel.

  • IFTA announced the company as the most innovative payments startup, and it made it to Y-Combinator’s list of top 100 companies.

  • The co-founders, Harshil Mathur and Shashank Kumar, brought home the Young Alumnus Award 2019 award from their alma mater, IIT Roorkee.

  • Razorpay acquired two businesses in 2019– Thirdwatch & Opfin.

Also Read: NYU Stern Launches Master In Fintech Teaching Blockchain, Cryptocurrency & AI

WANT MORE NEWS LIKE THIS?

Sign up to receive our weekly email newsletter and never miss an update!