Razorpay, an online payments platform, unveiled its latest version 2.0 with new products and payment solutions on Thursday. Funded by Tiger Global, Matrix Partners, MasterCard, and 33 angel investors, the platform claims to have over 35,000 online sellers as merchants.
The company, as part of its new version, launched four products - Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices. The products aim to manage cash flows, disbursement of money, automating NEFT, bank wires, and collection of schedule payments, among others.
Razorpay was co-founded by IIT-Roorkee alumnus Harshil Mathur and Shashank Kumar in 2013. It is an API-driven payment gateway with plug-in and plug-out features.
Harshil said, “It’s an exciting evolution for us from being a pure payment acceptance layer to a converged payments solution. We now manage the what, when, where and how of payments, right from the moment a payment is initiated to the point it is fully reconciled and disbursed to the final destination.”
Razorpay Subscriptions is a comprehensive recurring payment collection system, while Razorpay Invoices is a payment collection platform that uses invoices for businesses and is GST complaint. The Smart Collect application will add to the current bank transfer collections offered, such as NEFT, RTGS and IMPS. The Route feature splits and disburses payments for multiple business lines.
The Razorpay converged solution aims to make payments accessible to any business with a bank account and a phone number.
With the latest version, Razorpay aims to take its merchant count to 90,000 in two years. The company claims to have a growth rate of 40-50 percent month-on-month, and aims to reach 100 million end consumers by 2020.
Shashank, who is also the CTO, said, “We are looking to solve all pain points related to the flow of money for businesses in India. We aim to marry intelligent solutions with the payment needs of businesses to deliver a sound, cohesive and comprehensive payment experience."
Various reports peg exponential increase in digital payments in India over the next few years. A Google-BCG report sees the industry growing 10-fold to touch $500 billion by 2020, and contribute 15 percent of GDP.