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Razorpay, a full-stack financial services company, is looking to emerge as the largest internet payments service provider for businesses this year, its CEO & Co-founder Harshil Mathur has said.
As on date, Razorpay stands second in the industry pecking order, behind PayU, and enjoys 15 per cent market share in this segment. The total market in the country for internet payments for businesses is now about $65 billion.
“We want to be the largest internet payments provider. In the next twelve months, we expect to overtake PayU to be the largest. We are already second and now we are aspiring to be the leader,” Mathur told BusinessLine here.
Asked about the top three priorities for Razorpay during calendar year 2020, Mathur said that focus would be on scaling up both Razarpay Capital (lending arm) and RazorpayX (neo banking platform) this year.
The third focus area will be to complete the ecosystem so that all financial services that businesses need can be provided through Razorpay, either on its own or through partners.
“Our vision is to build the entire financial ecosystem for disruptors,” Mathur said.
Mathur highlighted that internet payments (digital transactions) in India are growing at a frenetic pace — 338 per cent increase from 2018 (January-December) to 2019 (January-December).
Meanwhile, Razorpay’s fourth edition of ‘The Era of Rising Fintech’ report, launched on Tuesday, showed that Delhi has taken the second spot in digital payments in 2019.
Bengaluru was the most digitised city, followed by Delhi and Hyderabad (top cities).
Mathur said that Razorpay would enhance its focus on financial services sector this year. He pointed out that financial services (lending, mutual funds, etc) has got into the top three sectors in digital payments adoption for 2019. In 2018, the top three sectors were food and beverages, tours and travels, and utilities. In 2019, the top three were food and beverages, financial services, and transportation.
While Razorpay Capital has, in the last eight months, scaled up to annualised lending of $2.5 billion, RazorpayX as neo bank is expanding the offerings of digital banking services.
“We are open to making more acquisitions on the financial SAAS space. We also want to add more banks to the RazorpayX platform this year,” he said.
Asked about capital raising, Mathur said that Razorpay, which raised $75 million in Series C funding last year, has no immediate plans to raise capital in the next few years. He also made it clear that the company had no plans to get into the B2C space and would continue to focus as a B2B player.
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