Razorpay to hire over 50 people, says annual appraisal schedule on track

Fintech company Razorpay on Saturday said it will hire more than 50 people for critical roles across product and engineering teams, and is on schedule with appraisals, bonuses and promotions for its existing employees.

With businesses seeing significant impact due to the COVID-19 pandemic, many startups have frozen hiring and slashed salaries. There have also been reports of layoffs by many firms.

Razorpay said in view of the restrictions imposed due to the pandemic, an increasing number of businesses are considering adopting online payment methods.

"As a company, we are sufficiently capitalised and are on schedule with appraisals, bonuses and promotions for our employees, which will be announced this month end. We have always believed in rewarding our employees with healthy merit increases," Razorpay Head - People Operations Anuradha Bharat told PTI.

While she did not disclose the quantum of hikes to be given, Bharat said the wage increases have been typically higher than the average industry standards and includes a combination of additional bonuses, and equity for high performers.

"...it's no different this year. We are also ensuring that there are no paycuts for existing or new employees, and definitely no job cuts. We are hiring based on how productive a role can be to the company," she said.

Razorpay is hiring for over 50 critical positions across functions like back-end and front-end operations, data sciences and product management.

"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," Bharat said.

In the last 12 months, Razorpay has more than doubled its headcount from 330 to 770. Within the past six months, the company increased its headcount by about 15 per cent and strengthened its leadership team across Business and Engineering teams.