Razorpay launches app store and a slew of products; targets TPV of $50B by 2021
, the Bengaluru-based fintech unicorn, announced at its flagship fintech conference FTX that it plans to achieve $50 billion in Total Payment Volume (TPV) by the end of 2021. The startup announced a slew of products towards achieving this end.
"There has been a lot of innovation made in the B2C financial services and fintech spaces. The SME and B2B space has a long way to go. Our recent fundraise was to build a suite of products to help startups and small enterprises. [We] aim to empower the next phase of digital growth for small businesses in India," said Harshil Mathur, Co-founder and CEO, Razorpay, in a conversation with YourStory.
The platform has launched the first B2B app store. Harshil said Razorpay’s App Store will be the first B2B app store for the fintech industry, empowering the developer community to build solutions beyond fintech.
Developers can now create flexible solutions and target the five million SMBs on Razorpay. It has apps like WooCommerce, and Shopify that can help new businesses build an online store to managing accounts with Quickbooks and Zoho Books to raising donations through Crowdera.
Speaking on the role of technology to empower businesses in India, Shashank Kumar, CTO and Co-founder of Razorpay said, "Digital Payments have brought about an economic and social transformation this year. We at Razorpay have been tirelessly building tech-enabled solutions grounds-up, which has resulted in increased trust and confidence from businesses across the country.
"Products launched today such as Vernacular Language Support and RazoprayX Vendor Payouts will further empower our goal to grow alongside SMBs as we look to achieve $50 Billion TPV in the months ahead. Together with our developer community, we are committed to fostering innovation to lead the Digital Financial Inclusion wave, by building technology solutions in India.”
At the event, Razorpay also announced a fund of Rs 1 Crore to give as grants to developers, encouraging them to build unique solutions that will further strengthen the fintech infrastructure.
Harshil said: "The post-COVID world is possibly is one of the biggest digital transformations seen for startups, fintech, SMBs, and freelancers. Their needs will be different and they will address a different market condition. It is imperative that businesses prepare and build the ecosystem towards this change."
Health insurance and localised payments
Razorpay also announced its entry into health insurance for teams as small as two employees. The team added that less than 10 percent of millions of Indian businesses can afford health insurance for their employees as the process is tedious, lacks transparency, and is expensive. This problem is magnified further for startups with less than 20 employees, especially when health insurance is key during this COVID era.
"To ensure they no longer have to struggle with this, RazorpayX launched Group Health Insurance, in partnership with Plum and ICICI Lombard, covering teams as small as two employees. Businesses using Razorpay Payroll can now avail benefits and affordable premiums within 60 minutes - premiums start at Rs 2 per day and cover pre-existing conditions and maternity," Harshil said.
Apart from this, the startup has launched seven Indian languages on its checkout page: Hindi, Kannada, Tamil, Telugu, Marathi, Gujarati, and Bengali.
Harshil said the idea was to deliver a localised payment experience to the thousands of non-English speaking merchants and customers from Tier 3 and 4 cities.
Helping businesses scale up
It also announced Razorpay Trusted Badge to help Improve conversions for new businesses. The team added that due to lack of trust most new merchants see close to 30 percent higher cart abandonment at the checkouts pace. This hurts their profits. "The badge will help customers know that the business is credible and trustworthy," Harshil said.
Razorpay also announced RazorpayX Vendor Payouts to help businesses scale up. The solution helps businesses reduce friction by automating and centralising the process with minimal human intervention, empowering businesses to process bulk payouts, disbursals, refunds instantly via UPI, IMPS, RTGS and NEFT at any time of the day and not restrained by fixed banking hours.
Harshil said, “I believe fintech is only one percent finished. There is so much more to do. With continued innovations like these, we believe, together, we will soon change the way payments and business banking have been done in India.”