Payment gateway and business-to-business (B2B) neobanking platform Razorpay said on June 29 that the company's co-founder Shashank Kumar has moved on from his role as chief technology officer (CTO) and will now take on the role of the managing director at the startup.
Former Amazon Web Services (AWB) executive Murali Brahmadesam will replace Kumar as the head of engineering and CTO as the company looks to strengthen its tech capabilities at a time when it is expanding its global footprint through acquisitions.
With Brahmadesam at the helm, the company aims to have an experienced hand focusing solely on driving the overall engineering strategy and development at Razorpay.
Brahmadesam has more than two decades of experience and has spent a major part of his career at Amazon and Microsoft, working in India as well as the US where he held several technology and leadership roles."Engineering has been the bedrock of growth for Razorpay since its inception. With over an 800-member engineering team today, we are constantly working towards solving some of the toughest challenges that businesses face today, with innovation at its core," Kumar said.
"Murali brings in-depth knowledge of managing technology functions at scale. I am excited to have him on board at a time when Razorpay is making strides into global markets and further deepening its expertise with all things business payments and business banking."
With this development, Kumar will continue to work towards Razorpay's long-term vision for engineering, product, as well as the go-to-market (GTM) functions for the RazorpayX and Razorpay Capital businesses.
"Razorpay has been at the forefront of inventing breakthrough products in business payment and banking that are being relied upon by millions of diverse businesses. I look forward to working with the team and joining Razorpay’s mission to build the central nervous system for fintech in India," Brahmadesam said.
Razorpay became India's most valued unlisted fintech after it raised $375 million in December 2021 at a valuation of $7.5 billion.
Since the beginning of 2022, the fintech has made two acquisitions, the first one being Malaysian fintech Curlec for $20 million. The purchase kicked off Razorpay's global expansion.
In March, the company acquired Pune-based payments solutions provider iZealiant Technologies for an undisclosed amount in its fifth acquisition till date.
Founded by IIT Roorkee alumni Harshil Mathur and Shashank Kumar in 2014, competes with payment gateways like PayU, Billdesk, etc, and B2B neobanking platforms like Open.
The startup counts Facebook, Ola, Zomato, Swiggy, Cred and others as its customers and achieved $60 billion in Total Payment Volumes (TPV) as of early December 2021. The company clocked over 300 percent growth year-on-year, for the second year in a row and plans to achieve $90 billion in TPV by the end of 2022.TPV refers to the total value of payments and reversals executed on a payments platform, in this case across Razorpay's payment gateway, neobank and other products.