Razopay has a new product suite which will help customers manage marketplaces, collect payments through NEFT, RTGS and IMPS, recurring payments and products to generate invoices and payment links. The company mentioned that it is moving towards becoming a converged payments solution.
“With our products, merchants can handle all aspects related to the flow of money, right from the moment when the payment is initiated to the point it is fully reconciled and disbursed to the final destination,” the company said in a blog post.
- For e-commerce marketplaces, the company has introduced Razorpay Route which will allows businesses to manage marketplaces, split payments, and facilitate vendor payouts.
- There is Razorpay Collect which allows businesses to generate a virtual account number which will reconcile all NEFT, RTGS and IMPS transactions in a single place.
- Razorpay Subscriptions allows recurring payments and helps manage scheduled payments, create different pricing plans. Note that the company already had recurring payments on credit cards but it is unclear if the new offering will also allow recurring payments on debit cards as well.
- The company also now allows the generation of invoices and payment links which collects payments from customers for merchants who do not have a website or an app.
Its list of clients include merchants like of Papa John’s, Knowlarity, Chai Point, Nestaway and Eatfresh, among others. The company charges 2% per transaction and with no setup fee.
Last year, Mastercard has made an undisclosed investment in the company. As a part of the investment, Razorpay said it would internationally to countries such as Indonesia, Philippines, Malaysia, Myanmar, Saudi Arabia and UAE and MasterCard will be helping the company with partnerships with local banks.
In total, Razorpay has raised $11.5 million from investors like Tiger Global, Matrix Partners. It had raised seed funding of $2.5 million from 33 investors including Y Combinator, Kunal Bahl & Rohit Bansal (Snapdeal founders), Punit Soni (ex-Flipkart CPO), Amit Gupta & Naveen Tewari (Inmobi founders), Kunal Shah & Sandeep Tandon (Freecharge founders).