Razorpay which is in the process of reverse flipping its domicile back to India is looking to go for an IPO in the next two-years.
Razorpay is the second large fintech startup that has joined the ONDC this month, after Walmart-owned PhonePe went live on the open network in April. Noida-based Paytm was among the first few companies that went live on the ONDC.
“I don't think UPI has achieved its potential yet. For a country like India, we should do 10x of what we are doing,” Asbe said.
The acquisition of PoshVine would enable Razorpay to encourage more interaction between merchants, banks, and consumers by driving additional channels for rewards and driving additional spending digitally.
Amitabh Chaudhry, MD & CEO of Axis Bank, added that while fintechs agree they understand the meaning of the word ‘compliance’, it is time they consciously start making it a part of their business model
Razorpay will be acquiring 100 percent stake in Ezetap. The size of the deal according to sources is estimated to be $150-200 million.
Murali Brahmadesam has more than two decades of experience and has spent a major part of his career at Amazon and Microsoft, where he held several technology and leadership roles.
Harshil Mathur and Shashank Kumar – 2 widely respected founders of the startup world – met as students in IIT Roorkee. After graduating, Kumar, who was Mathur’s senior, floated the idea of the two starting something of their own at some point. A year and several rejections later, Razorpay kickstarted its journey with a seed funding of $9 million, led by leading investment firm Tiger Global. Today, the company enables payments and banking solutions for over 8 million businesses and has added a host of marquee investors to its captable. Razorpay’s valuation jumped from $1 billion to $7.5 billion in just 14 months and it is now the most valued among unlisted fintechs.
Here’s how Harshil Mathur and Shashank Kumar ditched lucrative jobs overseas to blaze a trail in India’s fintech ecosystem, giving small businesses the digital edge through Razorpay
Razorpay founder Harshil Mathur added that LIC's recent tie up with Policybazaar may signal more insurtech collaborations if the IPO goes well.
The funding boom continues for the Indian startup ecosystem. Digital payments and business banking platform Razorpay said it has raised $160 million in its Series E round of funding, at a valuation of $3 billion, barely six months after it raised funding that valued it at a billion dollar, underlining the huge funding interest in the current environment. In an interview with Moneycontrol's Chandra R Srikanth, Razorpay co-founder and CEO Harshil Mathur said the money will be used to expand its digital payments business in South East Asia, make acquisitions and build out its neo banking platform, with plans to hire over 600 employees. The round was co-led by its existing investors GIC and Sequoia India, with Ribbit Capital, Matrix Partners, and Tiger Global also participating.
Razorpay will use the funding to take its digital payments offering to South East Asia, make acquisitions and build out its neo-banking platform.
RazorpayX (its neo-banking platform) has partnered with Plum and ICICI Lombard and will offer health insurance to companies with teams as small as two employees.
The payment gateway solution startup is in talks with its 50-plus partner banks for enabling transactions with the government's newly-launched Unified Payments Interface.