The Razorpay journey began in 2014 when Harshil Mathur (CEO & Co-Founder) and Shashank Kumar (MD & Co-Founder) observed the poor state of the online payments industry in India. They recognized a critical need to democratize online payments for Indian businesses, especially for startups and SMEs. Over the past nine years, Razorpay has transformed from a single-product entity into a multi-product powerhouse. It has evolved from a simple online payment gateway to India’s only full-stack financial solutions provider, offering comprehensive payments and banking solutions.
Razorpay’s growth reflects the broader evolution of India’s digital economy. From a small kirana shop in Kashmir using their POS device to a textile exporter in Kanyakumari handling international payments, Razorpay has revolutionized traditional business transactions and money management.
In a landmark achievement, Razorpay became the first Indian fintech to create a full-stack international payment gateway, ‘Curlec by Razorpay,’ expanding its reach to over 5,000 businesses. This gateway represents Razorpay’s commitment to blending advanced technology with a deep understanding of the local payment ecosystem.
Razorpay’s customer-centric approach has driven numerous industry-first innovations since 2014, such as the introduction of digital onboarding for startups, support for UPI and Bharat QR, recurring payments via Razorpay Route, and automation of payment receipts and payouts. Other notable achievements include India’s first multi-network tokenization solution, TokenHQ, support for credit cards on UPI, and becoming the largest omnichannel payment gateway through the acquisition of Ezetap, India’s leading offline POS company.
Razorpay’s valuation has skyrocketed from $1 billion to $7.5 billion, attracting major investors including Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard, with a total investment of $741.5 million across several funding rounds. The Series F round notably increased its valuation to $7.5 billion, marking one of the fastest valuation surges for an Indian unicorn.
The company has also made strategic acquisitions, including Billme (digital invoicing), Ezetap (offline POS), PoshVine (loyalty and rewards), IZealiant (mobile-first payment solutions), Curlec (recurring payments platform), TeraFin Labs (AI-based SaaS digital financing), Opfin (payroll management), and Thirdwatch (AI-powered fraud detection).
Razorpay collaborates with banks, regulators, and stakeholders to enhance the business landscape in India. Today, Razorpay powers online payments for 76 of India’s 100 startup unicorns and millions of other businesses. Its mission remains consistent: to simplify and enhance money movement, whether it involves receiving, sending, or managing funds.
Latest News:
- ET Startup Awards 2022: Razorpay wins Startup of the Year.
- PYMNTS.com (June 10, 2022): Razorpay assists FinTech HostBooks in raising $3M.
- TechCrunch (Dec 19, 2021): Razorpay valued at $7.5 billion following $375 million funding.
- TechCrunch (Dec 8, 2021): Razorpay introduces faster checkout feature, surpasses $60 billion in TPV.
Jobs at Razorpay:
- Senior Infrastructure Engineer, Bengaluru
- Senior/Principal Engineer/Manager, Frontend Engineering, Bangalore
- Engineering Manager/Sr. Engineering Manager, Bangalore
- Senior/Principal Engineers, Bangalore
Company Overview:
- Founded: 2014
- Team Size: 2,700
- Location: Bengaluru, India
- Founders: Harshil Mathur (CEO) and Shashank Kumar (Founder)
Founders’ Story:
Harshil Mathur and Shashank Kumar met at IIT Roorkee and began their collaboration there. Their shared passion for coding led to the founding of SDS Labs and, eventually, Razorpay. The idea for Razorpay emerged from their frustrations with existing payment gateways while working on a crowdsourcing platform in 2014. Driven by the mission to make online payments simpler for startups and SMEs, they created a platform that offers affordable, secure payment solutions. Their perseverance and resilience have been key to Razorpay’s growth, from 10,000 partner businesses in 2017 to over 5 million today.
Y Combinator Experience:
Harshil Mathur and Shashank Kumar applied to Y Combinator shortly after launching Razorpay, despite initial doubts about their chances. Their acceptance into YC was a pivotal moment, allowing them to gain invaluable insights, network with other founders, and build relationships with YC partners. This experience contributed significantly to Razorpay’s success, making them the first Indian unicorn to be part of YC.
Long-Term Vision:
Razorpay aims to be the central nervous system of digital India, transforming how payments and banking are conducted for small businesses. The goal is to create a benchmark for global financial solutions, helping businesses focus more on innovation and growth while managing compliance and operations efficiently. Razorpay envisions a future where India’s digital payments infrastructure sets a global standard, and Indian fintech becomes a leading provider of customized digital solutions worldwide.