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20 Things You Didn't Know About Razorpay


Razorpay is a company that provides a payment processing platform for other companies. It is a business-to-business startup that has achieved remarkable success in a short time. The business has a short but remarkable backstory with a bright and sunny future ahead. Here are 20 things you didn't know about Razorpay to help you become more familiar with this disruptive payment solution in the financial sector of business.

1. Razorpay has not been in business for long

The startup was founded in 2014. It's only been in operation for a little over six years. In that time, it has grown from a small startup to a giant in the payment processing industry.

2. The co-founders are brilliant young entrepreneurs

Neither of Razorpay's co-founders had any previous experience launching a new business. Harshil Mathur and Shashank Kumar were in their early 20s when they launched the platform, according to Fortune India. Mathur and Kumar are listed among the most successful businessmen in India on the prestigious 40 under 40 lists, but they became wealthy men before they even reached the age of 30. The list is comparable to Forbes in rendering due credit for remarkable accomplishments in business.

3. Razorpay is disrupting the payment processing industry

According to Crunchbase, Razorpay provides a unique platform that enables businesses to accept payments as well as process and disburse payments. The founders desired to develop a platform that would stand out from all of the others. They designed the technology to be user-friendly for developers. This allows each business to scale and customize the system to meet their specific business needs, which is good for business and encourages more customers to use the system. It's changing the way people conduct financial transactions in the digital world.

4. Razorpay has made two acquisitions

Remarkably, Razorpay had only been in business for 2 years before it had acquired the financial resources to purchase two other companies to absorb them into their operations. Although the cost of these acquisitions has not been disclosed, we know that it acquired ThirdWatch in August of 2019. ThirdWatch is a company that uses artificial intelligence technology to prevent financial fraud activities. On November 23, 2019, Razorpay acquired Opfin, a payroll services company geared toward small businesses. After rolling both companies into the fold, the size and value of Razorpay increased.

5. Razorpay operates with a 14 member executive team

Razorpay has evolved into one of the largest companies of its kind in India. It is run by an executive team of 14 members who work together to carry on its forward trajectory. The team includes Shashank Kumar, co-founder, Harshil Mathur, co-founder, and chief executive officer, Abhay Rana, software developer, Ayush Bansal, director of the business strategy, Shashank Mehta, director of the product strategy, Sagar Saxena, founding team, Anuradha Bharat, head of people operations, and Arjun Hemrajani infrastructure engineer. It's a small, yet dynamic team of talented professionals with a proven track record for success.

6. Razorpay offers diverse services

The versatile Razorpay platform provides a variety of payment processing services for its clients. These include acceptance, processing, and disbursement of payments, in a complete product suite. Users also have access to all payment modes to attract even more customers. Through Razorpay companies can access net banking, credit card, debit cards, UPI, several popular wallets including FreeCharge, Ola Money, Mobikwik, Airtel Money, and PayZapp. Razorpay is one of the most widely used payment processing platforms in the entire country of India with its headquarters in Bangalore, Karnataka, India.

7. Razorpay is a late-stage venture capital company

Razorpay has participated in seven rounds of venture capital funding so far. The first round of funding closed on March 23, 2015. The seed round included a total of 24 investors and raised $2.6 million to launch. In October of the same year, two investors led a round of Series A funding that brought in an additional $9 million. A Series B round in January of 2018 brought in another $20 Million, followed by a Series C round n 2019 for another $75 million. In October of 2020, a Series D round raised $100 million followed by the most recent Series E round that contributed another $160 million.

8. Razorpay has 29 investors

Razorpay has come a long way since the early days when the co-founders had trouble finding venture capital firms willing to invest in their new startup. Since 2015, Razorpay has attracted a total of 29 investors who have helped raise $366.6 million so far. Razorpay has five lead investors including Tiger Global Management, Ribbit Capital, Sequoia Capital India, GIC, and 24 others. Confidence in the company's likelihood of delivering a strong return on investment is high.

9. Razorpay is a privately held company

Razorpay has achieved huge success, but the owners didn't feel the need to resort to filing for an initial public offering to raise funds. You won't find Razorpay stocks for sale on any of the stock exchanges because it's not listed there. So far, there has been no indication that Razorpay's executives will take this course of action.

10. Razorpay depends on complex technology

The overhead costs of getting Razorpay launched and fully operational were astronomical. This is why it took so many fundraising rounds to get it where it's at today. To power the platform, Razorpay uses 50 different technologies that are distributed throughout 45 technology products and services it requires. These include HTML5, Google Analytics, jQuery, Viewport Meta, iPhone Mobile Compatible, and Lets Encrypt among others. For those who question why Razorpay needed to participate in so many funding rounds, this type of technology isn't cheap, and it's just the cost of doing business. Although the tech that is used behind the scenes of Razorpay is complicated, every system works together to provide the end-users with seamless services.

11. Razorpay's usage is continuing to grow

Razorpay uses Google Analytics and other programs to keep track of how many people are using its platform for financial transactions. It also maps how many unique visitors browse through the website. In the last 30 days, there have been 16,430 downloads. The average number of monthly visits to the website is exponentially higher at 7,416,373. this is just over 8 million. Razorpay is connected to some big servers to accommodate this massive influx of traffic. The monthly growth rate is 4.25 percent. This tells us it's likely that Razorpay is continuing to grow and expand.

12. Razorpay is a unicorn company

It didn't take long from the time of its launch for Razorpay to reach the elite status that is referred to as unicorn. This is when a company reaches a valuation of at least $1 billion. It took Razorpay a little over three years to get there. It reached this highly desired status in 2020. It made Y Combinator-backed company history. It's the first to become a unicorn. Within the last six months, Razorpay has tripled in its valuation and it now has a valuation of $3 billion.

13. Razorpay is expanding its operations

Until now, the nearly six-year-old company has served clients in the country of India solely. This is about to change. We recently learned that Razorpay is making big plans to expand its reach yet further into the Southeast Asian markets. It makes a gain in market share of one percent as of the end of the year, but this could mark a new phase where it gains even more of its current 2 percent piece of the pie.

14. Razorpay is good for businesses

We also learned that Razorpay is a little more than a payment processing platform. It also offers businesses working capital options. In a competitive industry, each company is required to offer services that are not often made available by their competitors. This is what helps them to stand out and attract clients. It could be the factor that will help Razorpay to continue to surge ahead of the rest of the crowd in the fintech market. Developers for Razorpay need to stay on top of their game, observe market trends and try to be the first to offer new services that are in demand.

15. Razorpay started as a help for small businesses

We noticed that one of the first things Razorpay did was to acquire a company that specializes in providing services for small businesses. The founders realized that small companies had trouble accepting money digitally. The larger payment platforms were not designed to accommodate the needs of smaller companies. They established Razorpay to help even the playing field for small companies. They identified a problem in the system and built a solution through Razorpay.

16. The early days of Razorpay were lean

Kumar and Mathur are both billionaires today, but this hasn't always been the case. The two founders put everything they had into their new startup. They had a tough time convincing bankers and investors to work with them to get the company established. At one point in their lives, they were living in an apartment that was shared by 11 people. It was crowded, but it was a place to stay. They were rejected more than 100 times before they finally convinced a lender to take a gamble on their new enterprise. Neither has forgotten how challenging it was to get the new company on its feet, but it's been worth it in the long run.

17. Razorpay is a charitable company

Because of their struggles, Mathur and Kumar have a soft spot in their hearts for new companies that are just starting. The India gold co-founder Deepak Abbot shared about the time that his company was struggling to make ends meet. The new company ran out of funds to pay its customers because of a mix-up at the bank. When the founders of Razorpay heard about it, they deposited money into India gold's account to cover the costs. This was an event that happened early in Razorpay's existence and it shows how team-oriented and humanitarian the young founders are. There isn't a greedy bone in their bodies. They want to see others become successful as they have and they're not afraid to share the wealth. Since that time there have been dozens of other entrepreneurs who have shared similar stories about Razorpay. They have helped a lot of businesses to get on solid ground and they continue to watch out for their fellow man. This is a unique feature that makes Razorpay stands out among the others who don't make the effort to help smaller businesses in need.

18. Razorpay is getting ready to grow

According to Razorpay's LinkedIn profile, the company is poised for yet another big expansion. There are 57 new job positions posted on the site. Razorpay is recruiting new workers to expand its current workforce. Although most of the jobs listed are for the Bengaluru area, there are a few available in Mumbai. This is a good sign that the company is getting ready for another growth spurt. There are all types of positions ranging from customer service to management, developers, and more.

19. Razorpay's reviews

According to G2, Razorpay is getting high reviews. The independent reviewing site shows that when compared to PayPal, most respondents give it positive reviews with 4 and 5 stars out of a possible 5. Some even call it the best payment processor in India.

20. Razorpay is just getting started

Although Razorpay has hit impressive peaks of success, it's just getting started. The platform was only offered in select parts of India, but it looks like all of that is about to change. With the new expansion plans, Razorpay will be available to even more businesses. With its unique platform, there is a high likelihood that it will jump in size soon.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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