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Fintech unicorn Razorpay aims to achieve $90-bn TPV by the end of 2022

The firm powers payments for over 8 million businesses that include Facebook, Ola, Zomato, Swiggy

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Razorpay | Fintech sector | Digital Payments

Peerzada Abrar  |  Bengaluru 

Razorpay

Fintech unicorn has said it grew 300 per cent for the second consecutive year and achieved $60 billion TPV (total payment volume) early December 2021. That is 20 per cent more than the $50 billion TPV goal announced in December 2020.

The Bengaluru-based firm for payments and banking said it aims to achieve $90 billion TPV by the end of 2022. “In the last year, grew over 300 per cent and we plan to achieve $90 billion TPV by the end of 2022,” said Harshil Mathur, chief executive officer and co-founder of

“This growth is a testament to the significant digital adoption by small businesses in the last 2 years. I believe that there is really no growth for us unless there is growth for our customers first.”

The firm powers payments for over 8 million businesses that include Facebook, Ola, Zomato, Swiggy, Cred, Muthoot Finance, National Pension System and Indian Oil and is set to reach 10 million businesses by 2022.

The company launched on Thursday products aimed at empowering the digital growth of small businesses in India. These products were launched at the fourth edition of FTX, Razorpay’s flagship fintech conference that brought together over 100 speakers.

India is the fastest-growing fintech market in the world, with the highest adoption rate of 87 per cent in the world against the global average of 64 per cent.

“We’re living in a world where the pandemic has drastically changed how small businesses manage money,” said Mathur. “We at Razorpay, recognize that we have a responsibility to innovate by not just looking at the future, but taking analogies from the past, and strengthening the financial ecosystem of tomorrow, so that millions of businesses, small and big can flourish. I believe the next payment and banking experience for businesses will be more frictionless, more cashless, more invisible and more connected.”

Razorpay, which is backed by investors such as Sequoia and Tiger Global, competes with players such as BillDesk, Pine Labs, Paytm, PayU, BillDesk, CCAvenue and Cashfree Payments.

“If there’s one thing the Razorpay team have committed to doing since 2014, it is to never stop reinventing. We want to create new products and build experiences that will change the lives of millions of businesses and consumers,” said Shashank Kumar, chief technology officer and co-founder of Razorpay.

“The number of products we have been able to release ahead of time in the last one year is primarily driven by a bottom-up culture of innovation and customer obsession to address the needs of this cohort.”

One such product launched is Razorpay Magic Checkout. Retail businesses spend millions to lead customers onto their websites and apps, only to see 70 per cent of them drop off at the last step of the transaction, abandoning their carts. The primary reason is complex checkout pages with multiple hoops expecting users to remember passwords and manually enter card details, addresses, and OTPs to complete a purchase.

Magic Checkout cuts down these multiple steps drastically. It securely saves shoppers’ information once during purchase and automatically prefills that information at all stores within the Magic Checkout’s network for all current and future purchases.

The firm also launched a Tax Payment Suite. Tax payments take up significant mind space and resources for all business owners. In fact, more than 50 per cent of small businesses face difficulties with TDS (tax deducted at source) calculation and tax payments. Considering multiple meetings, sifting, and sorting of data, tedious filings and payment failures, the entire process costs small businesses more than 250 hours every year.

The launch of the RazorpayX Tax Payment Suite is designed to help businesses save man-hours and money. It is a one-stop platform for all tax payments needs of small businesses, be it TDS, GST (goods and services tax), TCS or Advance Tax.

Building a startup needs time and work. To help first-time entrepreneurs, Razorpay also Rize, a launchpad that will help startups right from the initial incorporation to filing their first tax, paying their first payroll, and providing the tools to cater to their sales, marketing and finance needs.

Rize will also help entrepreneurs acquire their first loan or funding. It has partnered with over 50 product including AWS, Freshworks, WeWork, Zoho, Shiprocket and WebEngage to create a comprehensive toolkit, along with benefits worth half a million dollars on Razorpay and its partner products.

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First Published: Thu, December 09 2021. 12:35 IST
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