Apple Pay Comes to India via Razorpay

Razorpay has officially integrated Apple Pay into its international payments suite, becoming the first Indian payment aggregator to do so. This allows eligible Indian merchants to accept seamless, biometric-authenticated payments from global customers using Apple Pay.

Key Highlights:

• Global Reach: Apple Pay has over 500 million users worldwide, with 90% of U.S. merchants already accepting it.
• Merchant Impact: Early adopters include Mokobara, Akasa Air, Sabyasachi, House of Masaba, and others.
• Checkout Revolution:
  • 58% boost in conversion rates
  • 45% faster checkout times
  • 12% increase in average order value
• Frictionless Payments: No CVV, OTP, or manual card entry—just Face ID or Touch ID for instant authentication.
• Cross-Border Compliance: Designed to align with India’s cross-border payment regulations, targeting supported geographies.

Strategic Context:

• This move follows Razorpay’s reverse flip to India and its international expansion into Singapore and Malaysia.
• The integration is seen as a strategic step toward IPO readiness and global merchant enablement, especially for Indian brands scaling abroad.

Apple Pay is officially supported in several Southeast Asian countries, including Singapore, Malaysia, Vietnam, Thailand, Indonesia and Phillipines.

Despite Apple’s rapid growth in India’s premium smartphone segment, Apple Pay is not officially supported for domestic transactions. India mandates local data storage and PIN-based authentication for digital payments, which conflicts with Apple Pay’s biometric-first model.

India’s digital payment space is dominated by UPI-based apps like PhonePe, Google PAY, BHIM and Paytm, making it tough for Apple Pay to gain traction. Apple’s small market share and exclusive device compatibility reduce incentives for Indian merchants to support Apple Pay.

However, Razorpay has enabled Apple Pay for international transactions, allowing Indian merchants to accept payments from global Apple Pay users in supported geographies.

Country	Apple Pay Status
Singapore	✅ Fully supported
Malaysia	✅ Supported via Curlec (Razorpay’s acquisition)
Vietnam	✅ Supported
Thailand	✅ Supported
Indonesia	❌ Not officially supported
Philippines	❌ Not officially supported

LinkedIn Ranks Razorpay #6 in India's Top Startups List

Taking the 6th spot in LinkedIn’s Top Startups List, the leading full stack financial solutions company, Razorpay, adds yet another feather to its hat as one of the most admired places to work for in India.

LinkedIn’s 3rd annual Top Startups List features 10 leading companies that have remained resilient during a tumultuous time, continuing to attract investment, employees and attention. LinkedIn’s editors and data scientists looked across four pillars: employee growth; jobseeker interest; member engagement with the company and its employees, and how well the startups pulled talent from their flagship LinkedIn Top Companies list. These 10 startups point to growing trends in business, from e-learning to fintech, indicating where there might be career opportunities in the future.

Delighted about being featured in the list for the third time in a row alongside some great startups, Anuradha Bharat, Vice President - People Operations said, “This recognition in LinkedIn’s Top Startups list is a huge encouragement and a testimony to the relentless work that the Razorpay team has been putting in, particularly in unprecedented times like this one. Culture has been at the core of what we do and our team and customers come first for us. Over the last 5 years, we’ve been able to create a workplace that encourages innovation, independence, transparency and autonomy. Honestly, if not for our people, none of what the company has achieved would have been possible. To be ranked alongside some of the greatest startups is a reflection of the good work we’ve been doing, the growth that we’ve had as a company and the growth that our employees have had - we’ve all grown together and we will continue to do so."

Razorpay has been listed by LinkedIn’s Top Startups for the third time, consequently. The company’s growth has been uphill, particularly in the last two years. With a 500% growth in 2019, the company has been witnessing a healthy growth rate of 35% month-on-month. Currently powering payments for over 5 Mn businesses including the likes of Airtel, BookMyShow, Facebook, BSE, Reliance, Aditya Birla, Sony among others. The team plans to double this count to 10 Mn by the end of this year. With a headcount of over 1000 employees as of today, the company plans to fill 200 more critical positions across its business, product and engineering teams.

About Razorpay Software Private Limited

Razorpay, a full-stack financial services company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 5Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Sequoia India, Ribbit Capital, Matrix Partners, Y Combinator and MasterCard have invested a total of $106.5 Mn through Series A, B and C funding. Around 33 angel investors have invested in Razorpay’s mission to simplify payments and banking and redefine how finance works in India.

Razorpay and NPCI Launch UPI AutoPay, Recurring Payment Solution for Indian Businesses

With an intent to provide a major boost to UPI transactions and deliver an easy and secure way for consumers to make recurring payments online, Razorpay launched support for UPI AutoPay in association with NPCI at the Global Fintech Fest.

The leading full stack financial solutions company has been powering innovations on UPI (Unified Payments Interface) since 2016. Now, with this offering the company will enable its partner businesses across Digital Content Platforms (OTT), Lifestyle Subscription platforms, Insurance, Education and other sectors experience the huge potential of UPI AutoPay by exploring new revenue models and serving a wider audience.

Traditionally, the recurring payments feature was first allowed for debit cards, credit cards and prepaid payments instruments in 2019. However, the overall payment experience was broken. UPI AutoPay comes as a relief for both businesses and consumers as subscriptions will now be streamlined providing enough visibility and control to businesses and consumers. This move is likely to make signing up for financial services, bill payments, digital content platforms (OTTs) and lifestyle subscription services upto a certain limit, much easier for customers.

UPI AutoPay will give more power and flexibility to customers allowing them to set up recurring payments using any of their UPI apps. Some of its features will include:

• With a limit of Rs. 2000 in every cycle, it makes consumption of day-to-day needs convenient and affordable for consumers as they don’t need to make bulk payments
• Consumers can choose the day of debit and can view, suspend, or revoke a digital mandate via their UPI app or merchant website
• Pre-debit notifications will be sent to consumers 24 hours prior to the payment, allowing customers to pay, pause or cancel the e-mandate
• Consumers can pay for their subscriptions on a daily, weekly, monthly, quarterly, or yearly frequency

With real-time digital mandate registration, 24 hours pre-debit notifications and better success rates, the recurring payments model is expected to create opportunities for companies to scale, tap new consumer segments and improve customer loyalty and payment experience.

CEO and Co-founder of Razorpay, Harshil Mathur said, “We are truly excited to partner with NPCI to launch support for UPI AutoPay and provide all our partner businesses with an unbeatable payment experience. With consumers opting for contactless payments in this COVID-era, UPI has turned out to be the preferred payment mode for many. But now UPI AutoPay will be the next tipping point in digital payment innovation as consumers can easily set up recurring payments using their UPI Apps. Indian online businesses have been waiting for this feature for a long time as this will help them smartly collect recurring payments without any risk. The payment process is really simple, without the user having to worry about several layers of authorisation, still providing a high level of security. This model also gives flexibility and power of choice to customers as they can subscribe or unsubscribe a product or service at any point. I believe UPI AutoPay will definitely be a game-changer for subscription led-businesses.”

From online streaming content, health & fitness benefits to essentials and groceries​, individuals have turned to ​all things digital with the current social distancing norm. And given how consumers continue to want f​lexible payment options,​ ​UPI AutoPay ​is expected​ to deliver an exceptional payment​ ​experience​. ​Times Prime, which is one of the country's largest lifestyle subscription platforms, is among the firsts to integrate Razorpay's UPI AutoPay Support. The two companies are certain that an association like this will help deliver what the consumers have been looking forward to.

Vivek Jain, Business Head – Times Prime talks about the importance of emerging payment technologies for the subscription products, saying, “As a multi-category lifestyle subscription with benefits on India’s leading brands, we at Times Prime strive to deliver not only 10x value to our members but also seamless user experience. Specifically, reducing payment friction is a key driver to increasing lifetime value (LTV) which is imperative to the success of the business.” 

He added, “To this effect, we have always been thought leaders and early adopters of recurring payment innovations across Credit Cards, Debit Cards, Wallets, and now UPI. Razorpay UPI Autopay integration was the logical step towards our product vision and I am confident that our customers will appreciate this hassle-free and secure payment option.”

Razorpay has started enabling its partner businesses to start accepting recurring payments on UPI. Furlenco, Times Prime, Policy Bazaar and Testbook are among some of the first companies to be integrated with Razorpay for recurring payments.

About Razorpay Software Private Limited

Razorpay, the leading full-stack financial services company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Established in 2014, the company provides technology payment solutions to over 1,000,000 businesses.

Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, Y Combinator, Sequoia India, Ribbit Capital and MasterCard have invested a total of $106.5 million through Series A, B and C funding. Around 33 angel investors have invested in Razorpay’s mission to simplify payments. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences.

Razorpay to Facilitate Donations for Facebook Fundraisers

Stepping up its efforts in the COVID-19 battlefield, Razorpay, India's leading FinTech company made an announcement today, about its support for Facebook Fundraisers in India, by enabling users with a swift, secure and seamless customer experience.

The FinTech major will facilitate donations for the Facebook Fundraiser platform, allowing people to raise money for charitable organisations, health and medical institutes, underprivileged women workers, animal welfare, personal emergencies and social communities. In an effort to encourage people, Facebook's Social for Good Live-athon has already seen India's leading celebrities, creators and public figures raise funds for charities. Since its launch on April 24th, more than 100 influencers across the country have participated in this initiative and raised money for charities and causes they care for.

Encouraging companies and people to offer support, Harshil Mathur, CEO and Co-founder, Razorpay said, "We are excited to facilitate online donations for people using Facebook Fundraisers and make their transactions seamless and hassle-free, while raising support for charities that are working to bring India back to its feet. We hope to provide them with a flawless customer experience and help people fight against COVID."

He added, "In times like these, it is important for organisations and individuals to continue to come together and improve our response to this situation. While everything looks uncertain to all of us at the moment, the best we can do is to support, so let's continue to do so."

Manish Chopra, Head and Director of Partnerships, Facebook India said, "As we continue to fight the pandemic, communities around the country need help. With the launch of Facebook Fundraisers, we are making it easy for people to contribute to relief efforts. We are happy that Razorpay will be facilitating donations on Facebook and enable users from across the country."

This announcement is also a part of Razorpay's continued efforts to help people battling against COVID-19. Over the last month, the company, with its 'COVID-19 Relief Fund' campaign successfully mobilised individuals and organisations across the nation to support people battling this situation on the frontline. Till date Razorpay has raised over 12 Crore Rupees.

While the world is hoping for a quick recovery from the current situation, Razorpay urges every company and individual to comply with all precautions and measures, and offer relentless support to ensure the well-being of one and all.

Razorpay, the leading full-stack financial services company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Established in 2014, the company provides technology payment solutions to over 1,000,000 businesses.

Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, Y Combinator, Sequoia India, Ribbit Capital and MasterCard have invested a total of $106.5 million through Series A, B and C funding. Around 33 angel investors have invested in Razorpay's mission to simplify payments. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences.

~ Newsvoir

Razorpay Continues to Hire, Aims to Build Fintech Solutions to Counter this Global Crisis

Razorpay, the leading full stack financial solutions company, today announced that they will continue to hire for critical roles across Product and Engineering teams. In the wake of restrictions imposed due to the COVID-19 pandemic, an increasing number of businesses are considering adopting online payment methods. Razorpay is hiring for over 50 critical positions across functions like Backend, Frontend, Data Sciences and Product Management to meet the increasing demand and enable seamless online transactions for its partner businesses.

COVID-19 has been a turning point for the FinTech Sector. While the pandemic has created uncertainty on a number of fronts and left some of the fintech firms grappling with that stress, there are also new opportunities created due to increased demand for digital payments and digital financial processes from the offline businesses. Many are re-examining their business models, hiring plans and currently prioritising growth and customer acquisition over profitability.

Anuradha Bharat, Head - People Operations, Razorpay said, "The way I see it, the FinTech sector is at its exciting best right now as everyone wants to have an e-commerce presence. While there are massive layoffs happening around, we see this as an opportunity to hire great minds and make quality additions to build a league of next-gen payment and banking solutions to help with the current circumstances. With business demands and behaviours changing rapidly during this time, we are hiring for critical roles based on how productive a role can be to the company and the industry at this point. New team members come with a particular brand of enthusiasm and energy, and as a fast evolving organization, there is a constant desire for relentless enthusiasm and quality skill-set to supplement these new roles and functions."

She added, "With a new digital world in order, we are seeing an emergence of skills revolutionising the fintech space, and this rapid technological disruption means that new skills will emerge as fast as others become old-fashion."

In the last twelve months, Razorpay has more than doubled its headcount from 330 to 770. In the last six months, the company increased its headcount by about 15% and strengthened its leadership team across Business and Engineering teams. Some of the recent additions to its leadership team include Chief Innovation Officer (Amitabh Tewary), Chief Business Officer (Rahul Kothari) and Arpit Chug (Chief Financial Officer).

With a healthy growth rate of 35% month-on-month, Razorpay has been witnessing an increased demand for digital payments especially from tier-2 and 3 cities, particularly in the last six months. And with businesses starting to adopt newer digital ways of banking, Razorpay's neobanking arm, RazorpayX is helping businesses manage their cash flows and get better insights about their financial growth. This full stack financial solutions company expects a 4x growth in its revenue by the end of next fiscal year.

On another note, while the world is hoping for a quick recovery from the current situation, Razorpay urges every company and every individual to comply with all precautions and measures to ensure the well-being of one and all.

About Razorpay Software Private Limited

Razorpay, the leading full-stack financial services company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Established in 2014, the company provides technology payment solutions to over 1,000,000 businesses.

Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, Y Combinator, Sequoia India, Ribbit Capital and MasterCard have invested a total of $106.5 million through Series A, B and C funding. Around 33 angel investors have invested in Razorpay's mission to simplify payments. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences.

~ Newsvoir

Razorpay Recognised as the ‘Most Innovative Payment Start-up’ at IFTA 2019

• RazorpayX, the neo-banking platform, won the ‘Most Innovative Fintech Product’


• Harshil Mathur, Co-founder and CEO honoured as the ‘Fintech Leader of the Year’

Delivering innovation that empowers businesses, Razorpay, the neo-banking platform, successfully added three more accolades to its bouquet at the India FinTech Awards (IFTA) 2019, organised by India FinTech Forum in association with National Payments Corporation of India (NPCI). The company won awards for the ‘Most Innovative Payment Startup’ and ‘Most Innovative Fintech Product’ for its neo-banking product, RazorpayX. The CEO & Co-founder, Harshil Mathur was also honoured at the event as the ‘Fintech Leader of the Year’.

IFTA is a platform which celebrates and recognises the leaders and organizations for their contribution in the payments and technology domain. The three awards are a testimony of Razorpay’s efforts towards developing unique and scalable solutions, empowering the payment and banking infrastructure to evolve from being transactional to transformational and impactful.

[caption id="attachment_138994" align="alignleft" width="332"] Harshil Mathur, Co-founder & CEO of Razorpay[/caption]

Winning a hatrick at the event, CEO and Co-founder of Razorpay, Harshil Mathur, said, “We are truly humbled and excited about these recognitions. Razorpay has been charting an exponential growth in the last couple of years and these awards are indicative that our efforts are in the right direction, inspiring us to take excellence to new heights.”

He added, “Our strength lies in our technology and our team and this success is a sign of the faith that our partner businesses have in us. We look forward to continue creating valuable and differentiated products for businesses to solve for challenges in this swiftly evolving business landscape, so that we are all ready for tomorrow.”

Having evolved from being a single product to a multi-product company, Razorpay has achieved 500% growth in the last one year and currently powers digital payments for 8,00,000 businesses. The company also recently announced the launch of corporate credit cards, online payment support for freelancers and homepreneurs, and the acquisition of the payroll company, Opfin. The company also aims to double headcount by next year and expects a 5x growth in its revenue by the end of the next fiscal year. Razorpay has raised funding over $105 million until now, led by Tiger Global, Sequoia India, Y Combinator and Ribbit Capital, among others.

About Razorpay Software Private Limited

Razorpay, a neo-banking company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Established in 2014, the company provides technology payment solutions to over 8,00,000 businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, Y Combinator, Sequoia India, Ribbit Capital and MasterCard have invested a total of $106.5 million through Series A, B and C funding. Around 33 angel investors have invested in Razorpay’s mission to simplify payments. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences.

~ Newsvoir

Razorpay Strengthens its Leadership Ranks, Hires New CIO and CBO

India’s first converged payments solution company, Razorpay, today welcomed Amitabh Tewary and Rahul Kothari to its team, as their Chief Innovation Officer (CIO) and Chief Business Officer (CBO), respectively.

The Former Mastercard Vice President, Amitabh Tewary, will be responsible for expanding Razorpay’s footprint in other key markets and accelerating the adoption of new payment and banking platforms and products. A veteran in the space, he will be playing a key role in leading engagement with banks, networks, regulators, and strategic partners to drive innovation at Razorpay.

At Mastercard, as a Vice President, Amitabh worked across a spectrum of roles driving strategic initiatives and partnerships, customer economics and enterprise risk management among others, for nearly a decade. Prior to this, he spearheaded different projects across business strategy, finance, sales, marketing and regulatory management, helping companies such as SBI Card, Thomas Cook and an edu-tech startup to identify new business opportunities and develop new technical capabilities.

Rahul Kothari who joins as CBO will be responsible for growing the company globally as a full-stack B2B Fintech platform by adhering to the company’s vision to power the entire financial ecosystem for partner businesses. In the last sixteen years, Rahul worked on building new products and growing revenue lines for technology-led businesses, and has demonstrated strong product management, and strategic and operational leadership.

Rahul joins from PayU India where he was the Chief Business Officer for Enterprise payments. For three-and-a-half years with the company, he played a prominent role in growing and making the payments business profitable. Before PayU, Rahul contributed to the likes of WNS Global Services, The Boston Consulting Group and Symantec, by benchmarking and improving product performance, and enabling sales and leadership teams to implement successful business strategies.

Welcoming Amitabh and Rahul on board, Harshil Mathur, CEO and Co-founder, Razorpay said, “The ecosystem is at its exciting best at the moment and the timing could not have been better to add two of the sharpest minds in the fintech industry to our team. They both come with varied skill-sets and expertise, and we look forward to creating valuable and differentiated products in the fintech space, together. Razorpay has been charting exponential growth in the last couple of years. With a 500% growth in the last twelve months, we will continue to power disruptive businesses with intelligent technology and excited to have Amitabh and Rahul join us to support this mission."

With a keen interest and sound connect in the fintech startup world, Amitabh Tewary, Chief Innovation Officer, Razorpay said, “The fintech ecosystem in India is storied and celebrated globally, proof of which is the deep trust exhibited by local and global investors in the form of significant investments over the last decade. This story of innovation and disruption is likely to continue and grow stronger. Razorpay is amongst the most respected Indian fintech companies with an excellent culture which has already proved its mettle in the payments business. I look forward to an exciting association with Razorpay so we can together build a large franchise globally with cutting edge neo banking products.”

“Fintech ecosystem and fintech innovations in India have come a long way, especially in the last five years,” said Rahul Kothari, Chief Business Officer, Razorpay. “However, most of these innovations are in consumer payments. There's a lot of scope for interesting innovations in business payments, something that Razorpay has also been working on. I am passionate about simplifying banking and payments, making intelligent technology easily accessible to businesses and therefore I echo with Razorpay’s vision of revolutionising payments and banking through a single platform. It was impossible for me to not notice the energy and ambition driving Razorpay team to work towards this vision and I wanted to be part of this journey."

Razorpay currently powers digital payments for 3,50,000 businesses like IRCTC, Airtel, BookMyShow, Zomato, Swiggy, Yatra and Zerodha, among others and plans to increase this to 450,000 by 2020. This converged payments solution company expects a 5x growth in its revenue by the end of the next fiscal year.

Razorpay, India’s first Converged Payments Solution company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Established in 2014, the company provides tech payment solutions to over 3,50,000 businesses. Founded by alumni of IIT Roorkee, Shashank Kumar & Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, YCombinator and MasterCard have invested a total of $31.5 million through Series A & B funding and $75 mn from Sequoia India & Ribbit Capital in Series C. Along with these, around 33 angel investors have invested in Razorpay’s mission to simplify payments. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences.

Razorpay Raises Fresh $75 Mn from Ribbit Capital, Sequoia Capital and Others

Bangalore-based payments solution startup Razorpay has raiaed fresh US$75 million in Series C funding round of financing led by Ribbit Capital, a Palo Alto-based venture capital firm that invests globally in ventures working in financial services, along with contribution from Sequoia Capital.

Existing investors Tiger Global Management and Y Combinator’s Continuity Fund also participated in the funding round, reported Economic Times, citing Harshil Mathur, chief executive of Razorpay.

Razorpay plans to use the fresh capital in strengthening its two new business lines - neo-banking platform Razorpay X and its lending arm Razorpay Credit.

With latest funding, the 5-year-old startup is valued at about $450 million, said the report. The xact figure of valuation however is not officially acknowledged by the company.

In March, www.indianweb2.com first reported that Razorpay is in advanced discussions with Silicon Valley-based venture capital firm Sequoia Capital to raise $75-100 million in new funding.

Razorpay, which also counts Matrix Partners, MasterCard and a host of angel investors, among its list of backers, has raised a total of about $106 Mn to date, according to www.indianweb2.com estimates. Prior to this latest funding, Razorpay last raised funds of $20 million in January, 2018, which was from Y Combinator, Tiger Global and Matrix Partners.

Founded in 2013, by Harshil Mathur and Shashank Kumar, Razorpay is the only payments solution in India which allows businesses to accept, process and disburse payments with its range of product suite. The startup provides access to all payment modes including credit card, debit card, netbanking, UPI and popular wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp.

In January, Rajorpay launched two new verticals - Razorpay X and Razorpay Capital.

Razorpay Capital is lending arm through which the company help businesses on its platform get loans from its partner lenders based on the customer’s transaction pattern and history.

Razorpay X, on other hand, is essentially an AI-driven digital bank account where businesses can own and operate their account. It is a back-end platform, where it allows businesses to manage their entire current account through Razorpay. It is essentially a digital bank account where businesses can own and operate their account.

Razorpay may Raise $75-100 Mn from Sequoia Capital - Report

Bangalore-headquartered online payments startup Razorpay is in advanced discussions with Silicon Valley-based venture capital firm Sequoia Capital to raise $75-100 million in new funding, The Times of India reported citing two people aware of the development.

If the funding happens then it will value Razorpay at about $425-$450. Sequoia is expected to lead the fundraise.

Founded in 2014 by IIT Roorkee alumni Shashank Kumar and Harshil Mathur, Razorpay was based out of Jaipur in its earlier days and later moved its headquarter to Bangalore. The startup was part of the winter batch of Y Combinator's startup program in 2015.

Razorpay counts Tiger Global, Matrix Partners India and Apoletto Managers, the private investment arm of Russian billionaire Yuri Milner’s DST Global, among its investors. These investors, too, are likely to participate in the latest funding round, the ToI report said.

According to an another report -- in November -- Tiger Global had acquired shares from 140 employees of Razorpay who had cashed in their company-issued stock options aka ESOPs.

So far, Razorpay has raised a total of $31.6 million in funding over 4 rounds. It last raised funds of $20 million in January, 2018, which was from Y Combinator, Tiger Global and Matrix Partners.

Razorpay competes with PayUMoney, Instamojo as well as PayTM.

Razorpay raises $20 Mn Led By Y Combinator, Tiger Global

Payment solution startup Razorpay has announced today that it has raised $20 million in a funding round led by Silicon Valley-based accelerator Y Combinator's YC Continuity Fund and existing investor Tigers Global. Another existing investor Matrix Partners also participated in the round, reported Times of India.

Bengaluru headquartered Razorpay plans to use the freshly raised funds to push new products which it launched in September last year including facilities like recurring payments, automation of bank transfers like NEFT, and invoice management as part of its new strategy under Razorpay 2.0. "We are looking to expand our team and hire heads for new business verticals. About 50% of new hires will be in technology and the product teams while the rest would be for business roles," said Harshil Mathur, co-founder & CEO, Razorpay to a daily newspaper. At present it has about 130 people and it could hire over 70 people during this year. Mathur said the company, as part of new strategy, is looking to generate at least 30% of company's revenue from these new launches.

The latest round takes the total amount the startup has raised to $31.6 million, according to the data by Crunchbase.

The company last raised undisclosed funding from American payments and financial services company MasterCard, in July 2016. At the same time, the startup also become the second Indian company to be selected for the US-based Y-Combinator accelerator programme.

Razorpay has 33 angel investors including Kunal Bahl and Rohit Bansal (Snapdeal founders); Abhay Singhal, Amit Gupta and Naveen Tewari (InMobi founders), Kunal Shah and Sandeep Tandon (Freecharge founders), former chief product officer of Flipkart Punit Soni, Ram Shriram (board member and an early investor in Google), Justin Kan (Y Combinator partner and Twitch founder).

Founded in 2013 by Harshil Mathur and Shashank Kumar, Razorpay aims to on-board new merchants and increase the base to about 2 lakh by the end of 2018. It claimed to have grown at a rate of about 30-35% per month and has about 65,000 merchants on its platform.

Last month, Facebook co-founder Eduardo Saverin led a $40 million Series D round of funding in Mswipe Technologies, a payment solution startup headquartered in Mumnai. With thid Eduardo marked his first foray into the India startup market.

Razorpay raises $20 Mn Led By Y Combinator, Tiger Global

Payment solution startup Razorpay has announced today that it has raised $20 million in a funding round led by Silicon Valley-based accelerator Y Combinator's YC Continuity Fund and existing investor Tigers Global. Another existing investor Matrix Partners also participated in the round, reported Times of India.

Bengaluru headquartered Razorpay plans to use the freshly raised funds to push new products which it launched in September last year including facilities like recurring payments, automation of bank transfers like NEFT, and invoice management as part of its new strategy under Razorpay 2.0. "We are looking to expand our team and hire heads for new business verticals. About 50% of new hires will be in technology and the product teams while the rest would be for business roles," said Harshil Mathur, co-founder & CEO, Razorpay to a daily newspaper. At present it has about 130 people and it could hire over 70 people during this year. Mathur said the company, as part of new strategy, is looking to generate at least 30% of company's revenue from these new launches.

The latest round takes the total amount the startup has raised to $31.6 million, according to the data by Crunchbase.

The company last raised undisclosed funding from American payments and financial services company MasterCard, in July 2016. At the same time, the startup also become the second Indian company to be selected for the US-based Y-Combinator accelerator programme.

Razorpay has 33 angel investors including Kunal Bahl and Rohit Bansal (Snapdeal founders); Abhay Singhal, Amit Gupta and Naveen Tewari (InMobi founders), Kunal Shah and Sandeep Tandon (Freecharge founders), former chief product officer of Flipkart Punit Soni, Ram Shriram (board member and an early investor in Google), Justin Kan (Y Combinator partner and Twitch founder).

Founded in 2013 by Harshil Mathur and Shashank Kumar, Razorpay aims to on-board new merchants and increase the base to about 2 lakh by the end of 2018. It claimed to have grown at a rate of about 30-35% per month and has about 65,000 merchants on its platform.

Last month, Facebook co-founder Eduardo Saverin led a $40 million Series D round of funding in Mswipe Technologies, a payment solution startup headquartered in Mumnai. With thid Eduardo marked his first foray into the India startup market.

Razorpay Ropes in MasterCard’s Arif Khan as Chief Innovation Officer

Razorpay, the online payments platform, has appointed MasterCard’s Arif Khan as its Chief Innovation Officer to chart its next growth path. In this role, he will be responsible for managing the innovation process inside the organisation by building strategies and identifying new business opportunities. He will also be working closely with various banking and financial institutions for developing new technical capabilities and a robust payment architecture with the goal to provide cutting edge solutions to customers.

Helping businesses accept payments online, Razorpay is a core technology company focussed on building disruptive technologies and pioneering new solutions. The company had recently appointed Amit Saini from Ola, as their VP of Engineering.

Before joining Razorpay, Arif was a Senior Business Leader at MasterCard, where he helped in the global expansion of Simplify, a MasterCard payment gateway platform, primarily in the Asia-Pacific region. Arif has been in the payments industry for close to two decades. He has a proven track record in product management and business development. Prior to MasterCard, Arif was a Senior Vice President at HDFC, where he spent more than 17 years leading and implementing strategic projects in the Payments and Digital space.

Delighted at the appointment, Harshil Mathur, CEO & Co-founder at Razorpay said, “Fintech in India has shown how disruptive innovation can spearhead the market towards efficiency and growth. Arif, with his rich experience in the banking and financial sector, is a valuable addition to our leadership team especially at a time when we are in the fast lane of innovation and growth. Together we will work towards building a stronger brand through the creation of valuable and differentiated products in the payments space”.

Excited to join the Razorpay team, Arif Khan, Chief Innovation Officer at Razorpay said, “The disruption in the payment industry has undoubtedly changed the way financial services are provided and consumed today. Startups and emerging companies such as Razorpay are widely being seen as the driving force behind the Fintech boom, as they are able to innovate, create new business models and harness the efficiencies created by this latest wave of disruption. Having followed the scale & growth of Razorpay closely in recent times, I am excited to be at the centre of this action and will be focussing on leveraging advances in financial services and technology to create new products and solutions for Razorpay merchants”.

As one of India’s fastest growing payment platforms, Razorpay is disrupting conventional payment mechanisms across the country. Spearheading the adoption of UPI, Razorpay was the first payment gateway to make the payment option available for its entire merchant base. Razorpay is one of the first India-based company to be supported by Y Combinator, a Silicon Valley incubator, along with being invested in by top venture capital firms, Tiger Global, Matrix Partners & Mastercard.

Ola’s Engineering Director Joins Online Payment Gateway Razorpay as VP, Engineering

Razorpay, an online payments platform, appointed Ola’s Amit Saini as VP, Engineering to oversee the growing technology function, as the company continues to rapidly scale and increase its footprint in the payments space. Amit joins Razorpay from Ola where he was the Director of Engineering.

With over 15 years of experience in product development, building and leading high performance engineering teams, Amit specialises in solving several big data use cases and delivering many end-to-end world class products. His appointment is intended to further the growth and product development of Razorpay's technology leadership in the industry.

Welcoming Amit on board, Harshil Mathur, CEO & Co-Founder of Razorpay said, “We’re growing at a phenomenal scale of 20x year-on-year, and technology has been our key differentiator since inception. With Amit joining us, we are instituting executives with vast experience in technology and strengthening our leadership team. Amit will help us tackle the ever-increasing challenges of a diverse merchant ecosystem in a dynamic financial market like India”.

Previously, Amit worked at Ola Cabs, where he led a team of 40 members to build Ola Money, a preferred payments platform for millions of users in the country. Before Ola, Amit worked as a technologist with Microsoft, IBM & Apigee, building software products in the areas of e-commerce, web services management, big-data & analytics. Amit also co-founded, SkillCafe, a startup that focuses on analysing huge data sets in order to provide insightful career growth recommendations to candidates.

“Razorpay echoes the vision I set for myself, and its recent growth in scale and stature have been nothing short of extraordinary. With massive growth comes massive engineering challenges, and my charter is to continue building a world-class engineering team that is focused on innovating, troubleshooting and creating the best fintech solutions in the market”, said Amit Saini, VP, Engineering, Razorpay.

Razorpay Introduces One-Hour ‘Express Activation’ to Enable Online Payments for Small Businesses

Razorpay, an online payments platform, today announced the launch of ‘Express Activation’ for all offline businesses in India. The move aims to provide immediate relief to thousands of small businesses caught off guard because of the demonetization effort taken up by the government. ‘Express Activation’ will allow merchants to get their account approved and activated within 1 hour of submitting relevant documents.

With Express Activation, Razorpay will be the only payment gateway to onboard merchants in an hour. The initiative will help small merchants who have been primarily transacting through cash until now. The company expects 5x growth in merchants to get onboard within the next 30 days. A lack an of alternative online payment solution is detrimental to smaller business who will be impacted the most. Razorpay’s ‘Express Activation’ will help these merchants start accepting online payments in a matter of hours.

“We’ve been inundated with queries since the demonetization announcement was made by the Prime Minister. Small businesses rely heavily on cash to carry out their day-to-day operations. Though we welcome the government’s move of banning 500 and 1000 rupee notes, we also understand the difficulties for small businesses to cope with the situation. We want to do our part in helping the nation adapt to online payments and reduce the dependency on cash transactions”, said Harshil Mathur, CEO & Co-Founder, Razorpay.

Razorpay already enables merchants with a completely online and paperless onboarding process. Razorpay’s easy to use API helps merchants integrate Razorpay with their website as fast as 30 minutes. For merchants who use e-commerce platforms like Shopify, the firm offers plugins for integration.

Razorpay is the second company from India to be selected by the world's most prestigious startup accelerator Y Combinator, with over 10,000 merchants including the likes of Nykaa, Voonik, Papa John’s, Runnr, Chai Point, Nestaway, Eatfresh, etc among others.

Mohandas Pai Backs Darwinbox, MasterCard Invests in Razorpay and Instago Gets $500K

Darwinbox, a human resources software-as-aservice (SaaS) startup, has raised an undisclosed amount; American payments and financial services company MasterCard has invested an undisclosed amount in Bengaluru-based Razorpay; and Intra-city travel application Instago has raised $500,000 from multiple investors.

Mohandas Pai Invests in HR Software Firm Darwinbox

Darwinbox, a human resources software-as-aservice (SaaS) startup, has raised an undisclosed amount in early-stage seed funding led by Mohandas Pai's 3one4 Capital, Endiya Partners and Tracxn Labs.

Launched in August, 2015, Hyderabad-based Darwinbox is a human resources technology and analytics company founded by Jayant Paleti, Rohit Chennamaneni and Chaitanya Peddi. Currently consisting of five modules, Darwinbox plans to use a part of the funds to build more modules and the other towards marketing and sales to expand the product across the country - Mumbai being their next target, as ET reported.

Online Payment Gateway Solution Razorpay Raises Funding from MasterCard

American payments and financial services company MasterCard has invested an undisclosed amount in Bengaluru-based Razorpay, an online payment gateway solution for small and medium enterprises and platforms, reported ET.

The equity-based investment in the company backed by Tiger Global is MasterCard's second investment. In 2013, it had invested in Chicago-headquartered analytics company Mu Sigma.

The company had raised Rs 64 crore from Tiger Global in Series A and Matrix Partners along with multiple angel investors in the seed round. The 33 angel investors include Jeff Huber, senior vice president at Google X; Snapdeal cofounders Kunal Bahl and Rohit Bansal; InMobi cofounders; and former Flipkart chief product officer Punit Soni.

Instago Raises $500K from Multiple Investors

Intra-city travel application Instago that helps users compare prices and book the cheapest mode of transport across different categories including on-demand taxis, autos, public transport and self-drive options has raised $500,000 from multiple investors including angel investor Ramit Sethi of Strongbox Ventures, as per ET report.

Founded in 2015 by Nakul Khanna, Anmol Ahlawat and Aneesh Seth, Instago collates information from multiple transport agencies and commuter generated content for real-time information on different modes of transport. The portal also compiles data through API integration with on-demand transport service providers to provide expected time of arrival and other information to the commuters.

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