HARSHIL MATHUR'S journey to make Razorpay one of India’s leading full-stack financial solutions providers didn’t start off so well. He, along with Shashank Kumar, fellow classmate at IIT Roorkee and now co-founder and MD, faced numerous rejections from banks before finding one (HDFC) who partnered with them to go live as the payment gateway. “Today, we work with most banks in enabling payment acceptance for their businesses,” says Harshil, co-founder and CEO.
The Bengaluru-based start-up provides tech payment solutions to over 8 million businesses, including OYO, Zomato, Nykaa, Zerodha, Swiggy, BMW and NIIT.
Last valued at $7.5 billion in December 2021, Razorpay has raised $742 million in funding in 11 rounds, led by Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global and Sequoia Capital India, among others. In FY23, it reported consolidated revenues of ₹2,268 crore, 53% growth YoY, driven by an increase in enterprise and SME customers. — Chitranjan Kumar