Indians ordered three times more food than the previous financial year, according to a report by payments and digital banking platform Razorpay for the financial year 2021-22. Notably, in the month of January 2022 alone, expenditure on fitness went 40 percent above the monthly averages.
Of the total online food orders made over the year, users paid the highest amount on New Year’s eve. This report was another testimony of India’s love for Biryani, as it took up the majority of food orders made in FY 2021-22. In addition, alcohol orders on new year’s eve of 2021 soared by five times as compared to the daily average. Interestingly, expenditure on fitness also spiked at the end of 2021 with the payments made to dieticians reaching an annual high on December 31.
Razorpay is India’s most valued fintech after reaching a valuation of $7.5 billion post its last and largest fundraise of $375 million. The platform was founded by IIT Roorkee alumni Harshil Mathur and Shashank Kumar 2014.
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The platform provides payment gateway services, besides a neobanking platform for small businesses and startups. It crossed $50 billion in Total Payment Volumes (TPV) in 2021 and is eyeing a target of $90 billion in 2022.
The report titled ‘Biryani, BSE, and Bills: What India paid for?’ analysed over a billion transactions on the Razorpay platform to know what Indians were paying for online.
Initially induced by the COVID-19 lockdowns, an upward trend in trading activity seems to continue, as per the report. Trading activity grew 247 percent over the previous financial year with about 10 financial trades made every second, on average.
Another interest of Razorpay customers turned out to be fantasy sports. Fans of fantasy sports spent the most on a single day on April 9 - the opening day of the 2021 IPL. “The amount would have covered the cost of Shreyas Iyer and Shahrukh Khan at the auction,” said the report.
Razorpay report also revealed that there was a steady rate of acceptance of digital payments for billing and recharge transactions which jumped four times over the previous year.
Further, on February 14, Valentine’s Day, there was a seven times surge in payments for flowers than the daily average. Indians ordered more flowers in the week leading up to February 14 than any other week in the whole year.
Indians also spent a lot on what they adore the most after Biryani -- weddings! The report highlighted that the transactions for matchmaking on matrimonial sites grew by 63 percent in this financial year.
And what's a wedding without gold? Jewellery was a common presence in shopping carts across the country, especially on Dhanteras in November, with payments worth five times the daily average.
Furthermore, analysing the expenditure on baby products online, the report revealed that Indians bought the most diapers between 11 pm and 12 am.
From purchasing diapers to trading, to gold - the list was diverse. If the biggest trends were to be crunched in three words, they would be Biryani, BSE, and Bills!
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