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Fintech major Razorpay has crossed $60 billion in total payment value (TPV) as of early December in comparison to its $15- billion TPV in 2020.
By the end of 2022, the company aims to achieve $90 billion TPV. It has registered over 300 per cent growth for the second consecutive year. Speaking at the Razorpay FTX 2021, co-founder Shashank Kumar said, “We enable money movement for 8 million businesses across India. Razorpay powers payments for 32 unicorn companies in India and handles 5 per cent of India’s IMPS transactions every month.”
In 2021, Razorpay claims to have seen business growth of 3x and expects over 4x growth in volume and revenue by 2022. Razorpay currently powers payments for businesses such as Facebook, Ola, Zomato, Swiggy, Cred, Muthoot Finance, National Pension System and Indian Oil and aims to reach 10 million businesses by 2022.
New products
The company also announced three new products — Magic Checkout, Tax Payment and Razorpay Rize. Magic Checkout allows businesses to speed up the checkout journey for customers by saving shoppers’ personal details, addresses, etc — once during purchase and automatically prefill this information at all stores in its network for future payments. The feature is expected to improve checkout time for customers by 50 per cent.
Other features include providing cash-on-delivery to customers, integrating directly with logistics providers and providing an intelligence layer on it. The feature tracks multiple data points across Razorpay’s networks to detect risky and fraud orders and the company uses the information to decide which customer should be given cash-on-delivery (COD) option. Further, in case of returns on COD orders, the sellers will be compensated for the reverse logistics costs.
Tax Payment aims to help businesses speed up their tax payments. “We have significantly reduced the steps required for you to pay taxes. 30 seconds tax payments are a reality now,” said Kumar.
Razorpay Rize is envisioned as a launchpad for first-time entrepreneurs and will help them in initial incorporation to filing tax, managing payroll along with providing tools to cater to sales, finance, and marketing needs and help them secure their first loans or funding. Razorpay Rize also has a community component that will support entrepreneurs to get access to renowned founders and product experts.
In Razorpay Rize’s beta launch, the programme claims to have received over 500 start-up applications of which 100 start-ups have been accepted to the programme. Razorpay Rize has also partnered with 50 product companies such as AWS, Shiprocket, Zoho and Freshworks among others to create a start-up toolkit for founders. The platform will offer benefits worth $500,000 on Razorpay and its partner products. The platform aims to incubate 1 lakh new businesses and entrepreneurs.
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