Launches suite of products to accelerate SME Growth
Kolkata, Dec 18 (Agency) Newly crowned Fintech Unicorn, Razorpay, today announced its plans to achieve $50 Billion TPV (Total Payment Volume) by the end of 2021 and further solidify its position as one of the largest full-stack fintech company in the country. The company launched a string of products, aimed at empowering the next phase of digital growth for Small Businesses in India. These products were launched today at the Third edition of FTX, its flagship fintech conference that brought together 50+ thought-provoking speakers and was virtually attended by 10,000+ fintech enthusiasts from across the globe.
With most of the country slowly reeling back to normalcy, it’s encouraging to see 75% SMBs recognising the importance of going digital to revive their businesses. Even the freelancer economy is flourishing, a recent study revealed that India saw a 46% increase in new freelancers. While the potential for MSMEs and freelancers continues to grow, businesses still lack an intelligent financial infrastructure to scale. Razorpay’s new products launched at FTX are aimed to help SMBs bounce back far more quickly.
These solutions bring in agility and flexibility in business’s financial operations and cater to their payments and business banking needs. Here is the suite of products launched at FTX. Commenting on these innovations in a post-covid India, Harshil Mathur, CEO & Co-founder of Razorpay said, “We are going through one of the biggest digital transformations in the history of Fintech. SMBs, Startups & 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. The products that we’ve launched at the FTX event today is an effort towards helping businesses with new possibilities to scale their business not just survive the pandemic.”
He added, “I believe Fintech is only 1% 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 has been done in India.” Speaking on the role of technology to empower businesses in India, Shashank Kumar, CTO & 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 & RazoprayX Vendor Payouts will further empower our goal to grow alongside Small and Medium businesses, 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.” In the last six months, Razorpay has witnessed a 40-45% month-on-month growth.
The company was recently crowned one of the leading FinTech Unicorns with the Series-D fundraise of $100Mn. Razorpay currently powers payments for over 5 Mn businesses including the likes of Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others and is all set to reach 10 Million businesses by 2021. A key area of growth for Razorpay is Business Banking, and via its Neo-banking arm, RazorpayX, the company has been disbursing working capital of 250Cr per month and aims to increase it to 500Cr monthly by 2021.