Razorpay, one of India’s unicorn startups, aims to process US$50 billion (close to ₹4 lakh crore) in total payment volume (TPV) over the course of 2021, it said in a press release. The company plans to grow its user base to 10 million by the end of 2021 from 5 million at present.
The full-stack fintech company launched a B2B app store on Friday, during its annual conference FTX, which will help the developer community build solutions. It also announced a fund worth ₹1 crore which will provide grants to developers.
“We are going through one of the biggest digital transformations in the history of Fintech. Small-Medium Businesses, Startups and Freelancers of the future will be very different from the businesses today. They’ll have very different personalities, different payment & banking needs and a different set of consumers and markets to cater to. If businesses like us don’t prepare and equip the ecosystem now with intelligent forward-looking fintech solutions and partners, these underserved small businesses might lose the race,” says Harshil Mathur, c0-founder and chief executive officer, Razorpay.
Razorpay made ₹509 crore in revenue in FY20 compared to ₹193 crore in the previous year. It turned cash flow positive this year with ₹192 crore in cash inflows compared to cash outflows worth ₹57 lakh in the previous year. The company’s net loss stood at ₹6.15 crore in FY20 compared to a net loss of ₹3.3 crore in FY19, according to filings with the Ministry of Corporate Affairs that MediaNama reviewed.
While RazorpayX, the company’s neo-banking platform, disburses loans to small businesses at a rate of ₹250 crore per month, it has now forayed into the insurance business in partnership with Plum and ICICI Lombard General Insurance Company. Any of Razorpay’s 5 million merchants can now buy group health insurance policies, regardless of whether the merchant has 2 employees or thousands, it said.
The business focused payments company also launched a new vendor payments solution, which automates and centralises payments for their clients, and also introduced a trust badge for merchants to ensure consumers are assured of safety and security when making online payments. The payments platform is now available in 7 vernacular languages to help bridge regional divides, especially at a time new merchants are adopting digital payments and coming online for the first time.
Also read:
- Razorpay raises US$100 million funding from existing investors, GIC
- UPI to process transactions worth 15% of India’s GDP this year, says head of NPCI International
- RBI to introduce ‘Digital Payment Security Controls’ guidelines
- Payment companies suffer frequent UPI system outages
