<ul><li>Payments startup <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> raised investment from <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword>, Ribbit Capital, Tiger Global and Y Combinator. </li><li>The startup claims to have grown by 500% last year and wants its total headcount to hit 700 by 2020 from its current number of 350. </li><li>Recently, the startup had launched payments solution in 100 currencies to help Indian MSMEs work with global businesses.</li></ul><keyword id="3321173" type="PERSON" weightage="20" keywordseo="payments-solutions">Payments solutions</keyword> startup Razorpay raised $75 million in a series C round of funding from marquee investors like Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator. With the new investment, Razorpay plans to hire senior employees and take its total number of employees to 700 by 2020 from the current strength of 350. The 5-year old startup founded by IIT alums Harshil Mathur and Shashank Kumar has been growing its business rapidly and claims to have grown by 500% in the last financial year. “Our key mission is that while our partner businesses disrupt the Indian economy with new ideas, products, experiences and new jobs, we want to power their financial systems. Over 350,000 disruptors partnered with us to create the difference that we are here to make. This funding has come in at a time when fintech and banking is evolving beyond payments and lending, and we would like to change the way businesses access banking products,” said Harshil Mathur, CEO and Co-Founder, Razorpay. It is poised for more growth. The company said that its neo-banking platform and lending arm could alone contribute to 40% of its revenue by next year. In early <a href="https://www.business-standard.com/article/news-ani/razorpay-launches-digital-payment-support-for-100-currencies-119060500789_1.html">June</a>, the startup offered digital payment support for 100 currencies enabling Indian businesses to transact and accept payment from global companies. It has Indian Railways Catering and Tourism Corporation, Airtel, BookMyShow, Zomato, Swiggy as its clients. Interestingly, Razorpay was also one of the first startups to announce Employee Stock Options. According to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/tiger-global-snaps-up-razorpay-esops/articleshow/66686980.cms">reports</a>, 140 employees had used their stock options in the company to cash in money from investment firm Tiger Global in November 2018. See Also: <a href="https://www.businessinsider.in/mobikwik-is-now-in-150-countries-for-international-mobile-recharge/articleshow/69842804.cms">MobiKwik marks its global foray, enables international recharge in 150 countries</a>

Razorpay has just raised $75 million and is looking to hire 350 new people

<ul><li><keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> has launched a corporate credit card for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> and <keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword>.</li><li>It also announced payment support for freelancers and homepreneurs, who struggle to manage their invoices and payments. </li><li>It also announced the acquisition of a payroll and HR management software company – Opfin. </li><li>Razorpay is expecting its business volume to grow four times by the end of FY21. </li></ul>Indian neo-banking platform Razorpay has launched a corporate credit card for startups and SMEs, along with a bunch of other products today. The credit card will give businesses a no-cost interest for 50 days with a credit line ranging between ₹50,000 to ₹25,00,000. “The move we have made today, helps us expand our horizon in payments and banking and solve new challenges for ambitious businesses who are wanting to disrupt the Indian economy,” said said Harshil Mathur, CEO and Co-founder of Razorpay. The company also claims that it has seen a 500% growth in the last one year. It has over 800,000 clients and hopes to grow this number to 1.4 million by 2020. Some of its marquee clients are Indigo, Bombay Stock Exchange, Thomas Cook, Reliance Industries, SpiceJet, Aditya Birla, Sony and Oyo. It is also expecting its business volume to grow four times by the end of FY21. The startup also announced payment support for freelancers and homepreneurs who struggle to manage their invoices and payments. “We want to make banking trivially simple and accessible for our partner businesses so that while they focus on building new ideas, products and experiences, we take care of their concerns around financial processes,” said Mathur. It also announced the acquisition of a payroll and HR management software company – Opfin. The financial details of the transaction are not disclosed. In June, Razorpay raised $75 million in a series C round of funding from marquee investors like Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator. In June, the startup also offered digital payment support for 100 currencies enabling Indian businesses to transact and accept payment from global companies. Interestingly, Razorpay was also one of the first startups to announce employee stock options. According to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/tiger-global-snaps-up-razorpay-esops/articleshow/66686980.cms">reports</a>, 140 employees had used their stock options in the company to cash in money from investment firm Tiger Global in November 2018.

Razorpay launches small biz credit card with no-cost interest for 50 days

New Delhi, Mar 31 () E-commerce companies like Amazon and Grofers are gradually resuming services across various cities they operate in, but it will take at least a week or so to clear the pending orders, according to industry executives. E-commerce companies have been struggling to deliver orders after the government ordered 21-day lockdown, to contain the spread of the deadly coronavirus, came into effect. Even though the government allowed delivery of essential goods including food, pharmaceuticals and medical equipment through e-commerce, players have complained of their delivery staff being hassled by police. With local authorities shutting down warehouses and stopping trucks from crossing state borders, e-commerce players have seen their operations getting disrupted. Paytm Mall said there were over 1 lakh orders placed by customers which were yet to be processed by sellers due to the restrictions announced by the government. The company has now waived off order delay and cancellation penalties (charged at 3-7 per cent) for merchants until April 22. "These are unprecedented circumstances and Paytm Mall's merchant support and communication teams are working hard to ensure all seller queries are resolved timely and updated information regarding order processing and fulfillment are shared with them regularly," Paytm Mall Senior Vice President Srinivas Mothey said. Grofers, in a tweet, said it has a backlog of 5 lakh orders and it will be a few more days for the company to get back to 100 per cent operational capacity. Another challenge facing the industry is the availability of limited staff for warehouses and logistics. "Due to the lockdown, our delivery partners had also gone home for a few days. We are now requesting them to come back with us...We are also trying to scale up our operations by working with delivery partners from other companies who have come forward to help us," Grofers said. The company said it is working with local authorities to get passes for its staff that will allow them to continue operations and make deliveries. Snapdeal said it continues to accept orders for non-essential items, but they are expected to be delivered only by the end of April as per current estimates. "Our delivery partners are facing acute shortage of delivery agents. A lot of goods were stuck in transit (trucks, rail etc) and these are now starting to reach warehouses. We expect the warehouses to reach full capacity and overflow soon since a large number of customer orders are undelivered at this point," the company added. For large players like Amazon India too, it has been a difficult time. The company has resumed deliveries in select cities, and is working on first serving existing orders and for essential products that have been purchased using prepaid methods. To help e-commerce companies process the spurt in orders, fintech companies like Razorpay are also working overtime to ensure systems are in place. Harshil Mathur, CEO and co-founder of Razorpay said online businesses in the essentials category are struggling to keep up with demand and ensure business continuity. "We want to do our bit by helping them adapt and be flexible to meet these changing needs. We have now launched same-day settlements for all Razorpay customers who provide essential businesses till April 15, which means businesses will receive funds in just a few hours instead of the usual 3-5 working days settlement period," he said. This will help businesses improve their cash flows and manage operational expenses better, Mathur added. SR RVK

COVID-19: E-commerce cos resuming ops, clearing order backlog could take at least a week

New Delhi, Jan 21 () Bengaluru, Delhi and Hyderabad ranked as the top three cities in terms of peer-to-merchant digital payments in the country and cumulatively accounted for over 40 per cent of such transactions in 2019, a report by Razorpay said on Tuesday.
According to the Razorpay report, digital transactions are estimated to have grown by 338 per cent from 2018 to 2019. 
Bengaluru accounted for 23.31 per cent of the peer-to-mechant transactions, while Delhi contributed 10.44 per cent and Hyderabad 7.61 per cent of such transactions in 2019, as per the fourth edition of 'The Era of Rising Fintech' report.
Karnataka saw the highest adoption of digital payments (26.64 per cent), followed by Maharashtra (15.92 per cent) and Delhi NCR (13.01 per cent), it added.
Interestingly, the usage of cards declined to 46 per cent in 2019 from 56 per cent in 2018, and and netbanking to 11 per cent from 23 per cent in 2018. UPI, on the other hand, grew to 38 per cent in 2019 from 17 per cent in the previous year.
Among UPI, Google Pay contributed 59 per cent, PhonePe contributed 26 per cent, followed by Paytm (7 per cent) and BHIM (6 per cent) in digital transactions in 2019. Amazon Pay was the most preferred wallet among consumers (33 per cent), followed by Ola Money (17 per cent) in 2019. 
 Owing to the growth of UPI, share of wallets continue to decline despite the increase in the number of transactions, the report said.
 The top three sectors in digital payment adoption for 2019 were food and beverage (26 per cent), financial services (12.5 per cent) and Transportation (8 per cent), the report said.
"The year 2019 was buzzing for the fintech sector with adoption of new digital payment modes and bringing the digital currency to the mainstream. And the last six months saw a tremendous shift in the consumption patterns of businesses and consumer preferences of digital payments," Harshil Mathur, CEO and co-founder of Razorpay, said. SR MR
MR

Bengaluru, Delhi and Hyderabad lead digital merchant payments in 2019: Razorpay

(Eds: Adding details) Mumbai, Mar 6 () As Yes Bank went into moratorium, many a digital payment platforms bore the brunt on Friday as transactions were disrupted, with PhonePe facing "long outage". PhonePe, which depends exclusively on Yes Bank as its payment services provider (PSP), was down since the order was imposed and also had to suffer the more-than-friendly barbs of rival Paytm Payments Bank on Twitter. Yes Bank was put under moratorium late Thursday evening, with several caps, including allowing depositors to withdraw only Rs 50,000 per account and a slew of others including not taking fresh liabilities. This resulted in the bank being unable to render the services as a PSP, experts said. Even late in the evening, PhonePe was yet to start the Unified Payments Interface services, for which it depends on Yes Bank. "We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI," its chief executive Sameer Nigam tweeted in the morning. The troubles resulted in Paytm Payments Bank inviting PhonePe to its UPI platform through an open message on Twitter with a prickly end note - "Let's get you back up, fast". This was met with a quick retort from PhonePe. "No point getting back up faster, if we have to desert our long-term partners when they're down. Form is temporary, class is permanent," it said. Some users on the micro-blogging site said that half of India's payments systems are down because other apps beyond PhonePe were also affected. Yes Bank's annual report for FY19 said the bank handled 35 per cent of merchant transactions on UPI and 31 per cent of the overall UPI volumes. NPCI's website gave out a list of 15 third-party apps including PhonePe which depend on Yes Bank as a PSP. The names also include Airtel and Angel Broking. There were also reports of the bank's own customers unable to access their accounts online and being forced to visit the branches. Payment gateway Razorpay's chief executive Harshil Mathur said its core business remains unaffected, but there were minor disruptions in the auxiliary services, forcing the company to work with other banks for business continuity. Its peer Instamojo's chief executive Sampad Swain said it is temporarily withholding payoffs to merchants having Yes Bank accounts to ensure no merchant funds get blocked. AA MKJ

PhonePe, may other payment apps hit in wake of Yes Bank crisis

New Delhi, Nov 22 () Fintech major Razorpay on Friday said it has acquired payroll and HR management software company, Opfin.
 The company did not disclose the amount it has raised.
 The acquisition will enable businesses to not only manage their payroll process and fund transfers, but also manage filing of taxes, compliances through a single platform without hiring any external vendors, Razorpay said in a statement.
 "Payroll is a fragmented market with no clear solution. With Opfin, Razorpay hopes to make this effort a lot easier with robust technology and an enhanced experience. This acquisition is a significant part of RazorpayX's business banking strategy," it added.
 RazorpayX is the company's AI-driven neo-banking platform.
 This is Razorpay's second acquisition in the last six months, after Thirdwatch, an AI-driven company specialising in big data and machine learning for real-time fraud prevention.
 Besides, Razorpay launched corporate credit cards for SMEs and startups in partnership with RBL.
 With this launch, Razorpay aims to solve challenges around access to credit, short term credit, reconciliation, expense filing and help businesses lead a healthy financial life, it said.
 These announcements were made at the second edition of FTX, Razorpay's flagship fintech conference in Bengaluru.
 "It is important to think about financial inclusion not just in terms of consumers but also in terms of businesses...The move we have made today, helps us expand our horizon in payments and banking and solve new challenges for ambitious businesses who are wanting to disrupt the Indian economy," Razorpay CEO and co-founder Harshil Mathur said.
 Currently, the payments business forms 70 per cent of Razorpay's revenue and the neo-banking platform, Razorpay X along with Razorpay Capital forms the rest 30 per cent.
 The company has been witnessing a growth rate of 35 per cent month-on-month.
 "Currently powering payments for over 8 lakh businesses including the likes of Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony and Oyo, the team plans to increase this to 14 lakh by 2020. This neo-banking platform expects a 4x growth in its volumes by the end of the next fiscal year," the statement said. SR SHW
SHW

Razorpay acquires Opfin, introduces corporate credit cards with RBL

<ul><li>With people not venturing out of their homes due to the lockdown and then the fear of coronavirus, kirana stores are turning to partner with online delivery platforms. </li><li>Hyperlocal delivery platforms and e-commerce companies like <keyword id="8506093" type="UNKNOWN" weightage="20" keywordseo="Jiomart">JioMart</keyword>, <keyword id="3275685" type="PERSON" weightage="20" keywordseo="dunzo">Dunzo</keyword>, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> and Zomato have been ramping up their offering from kirana stores.</li><li><keyword id="84065" type="COMPANY" weightage="20" keywordseo="FMCG-companies">FMCG companies</keyword> too can leverage the <keyword id="992651" type="ORGANIZATION" weightage="20" keywordseo="kirana-store">kirana store</keyword> loyalty to push their brands as it brings new users as well as the chance to offer new products.</li></ul>The likes of Dunzo, Swiggy, and JioMart have recognised India's local mom-n-pop stores, also called kirana stores in Hindi, are indispensable. So have the customers. The kirana stores, on the other hand, are also lured by the digital platforms. An increasing number of store owners have embraced the advantage of home deliveries via these platforms but are wary of losing margins. Kiranas to the rescue When the coronavirus lockdown began in March, a panic struck across the country with people hurrying to their nearest kirana store to gather groceries. Four months later, consumer spending at kirana stores are still 22% higher than pre-Covid levels. “They have been winning the loyalty of the current consumers and acquiring new ones,” said Prem Kumar, Founder &amp; CEO of Snapbizz. Kirana stores – not just a stone’s throw away but also a button away People not venturing out of their homes has not just hurt crowded department stores, even corner shops on every street have seen fewer customers. This is a fertile ground for technology, particularly online orders and home deliveries. According to a survey by EY India, 40% of respondents (kirana store owners) said that they want to partner with online delivery and supply platforms as they feel it can help them grow and tide over in these testing times. The report further said that it's time for FMCGs, large retailers and financial services companies to “recognize that the kirana store is the new local touchpoint and their conduit into the daily life of a trusting consumer.” “As we move from now to next and beyond this crisis, the new level of growth for kirana stores will come from partnerships and symbiotic relationships,” said Shashank Shwet, Partner, customer experience and design thinking, EY India. The opportunity for e-commerce and FMCG brands And here’s where the likes of Dunzo, Swiggy Stores and Zomato come in who are pushing for hyperlocal deliveries. Zomato and Swiggy, who have both been impacted due to the restaurant shutdown during the pandemic and people’s aversion for ordering online, have latched on to the grocery delivery business swiftly. Even the likes of PhonePe, who have so far largely been a payments player, or NoBroker, a real estate platform, are ramping up their operations to include deliveries from the users’ nearest kirana stores. Reliance’s JioMart has spread to over 200 locations across India, in the middle of the pandemic, partnering with kirana stores and delivering to users’ doorsteps. “India will leapfrog from being a retail-led ecommerce model to an offline to online one where shopkeepers goods are delivered,” Paytm founder Vijay Shekhar Sharma had said in an earlier interview. <div type="Youtube" id="satElBUTBIQ" title="Episode 1 | All You Need To Win In The Post Covid Economy: India&amp;#39;s Digital Reboot" thumbUrl="https://i.ytimg.com/vi/satElBUTBIQ/mqdefault.jpg"></div> FMCG companies like Hindustan Unilever and Marico, too, can leverage the kirana store loyalty to push their brands as it brings new users as well as the chance to offer new products. “79% of respondents in non-metros and 50% in metros state that there are new consumers coming to their store post the lockdown period,” said the EY survey. The survey said that at least 69% kiranas in the non-metros were able to sell alternative brands to their customers, and this could turn out to be a great opportunity for new brands. Will they survive the discounts? One of the major factors of e-commerce to hit kirana stores were the deep discounts offered by e-commerce players to gain users. And there’s also another big price to pay – commission price. EY’s survey believes this could still be a hurdle for kirana stores as the partnerships with online players come at a high cost and are not yet profitable. What’s driving these stores to online is the customer's willingness to pay digitally. As social distancing stays on as the new norm, digital payments have been on the rise. <div type="image" title="UPI 2020." msid="76826733" hostid="261"></div> “Covid-19 is forcing sectors to digitize as businesses can’t be closed for a long period of time and social distancing is here to stay, for the next 12 months at least. Small and medium businesses and consumers are beginning to realise the friction and frustration involved in handling cash after having experienced seamless digital payments,” said Harshil Mathur, co-founder of Razorpay. SEE ALSO: <a href="https://www.businessinsider.in/education/news/trumps-new-visa-policy-leaves-foreign-students-enrolled-online-in-a-lurch-take-transfer-or-leave-us/articleshow/76825867.cms">Trump's new visa policy leaves foreign students enrolled online in a lurch — take transfer or leave US</a> <a href="https://www.businessinsider.in/business/news/phoenix-mills-is-prepping-for-a-two-year-coma/articleshow/76825696.cms">One of India's largest mall operators is prepping for a two-year coma</a>

JioMart, Dunzo, Swiggy and likes want to ride the trust earned by India’s kirana stores during the lockdown

<ul><li>The biggest menace for the Indian startups angel tax was not addressed in the Budget 2019. </li><li>Indian entrepreneurs are disappointed with the exclusion of startup policies. </li><li>However, Finance Minister Piyush Goyal included artificial intelligence in the government’s Vision 2030, which could boost the growth of AI startups. </li></ul>Indian startups had big hopes from the Budget 2019 but the government failed to bring anything on board for the entrepreneurs in the country. The impact of startups in India was measured with jobs created in the country. “With job seekers becoming job creators, India has become the world’s second largest start-up hub,” said Finance Minister Piyush Goyal during his Budget speech. However, the Budget failed to cover important aspects that startups looked forward to – most importantly the Angel Tax menace. From entrepreneurs to investors, everyone was looking at angel tax being removed. “With the upcoming budget, I wish the government addresses problems being faced by startups over taxes levied on angel funds,” Harshil Mathur, cofounder of Razorpay, had said before the budget had been announced. Meanwhile, Dr Ritesh Malik, one of the most active <keyword id="6365770" type="UNKNOWN" weightage="20" keywordseo="angel-investors">angel investors</keyword> in the country and co-founder of Innov8, had expected that the government will bring an instrumental change in policies which will transform, safeguard and support the startup ecosystem. Finance Minister mentioned that special benefits and incentives were given to small businesses and start-ups while also simplifying overall compliance processes. However, considering the <keyword id="3209713" type="PERSON" weightage="20" keywordseo="Startup-India-initiative">Startup India initiative</keyword> is considered to be one of the most important initiatives of the Modi government, there was more awaited. While the government did mention Digital India as one of its initiatives for Vision 2030, covering artificial intelligence and robotics, the Budget failed to accommodate expectations of entrepreneurs. “Looks like the government doesn't realise the potential of growth that startups can contribute to the overall economy and the jobs creation situation in the country. Ignoring the pain areas for startups and the ecosystem is sending wrong signals to the youth of the country. Budget 2019 for startups in India was too much of expectation, but too less was delivered. The Startup josh is low and something needs to be done!,” said Deep Malhotra, Co-Founder, BECKFriends.com. See Also: <a href="https://www.businessinsider.in/indian-government-just-added-a-lot-more-red-tape-for-startups-while-trying-to-fix-the-devilish-angel-tax/articleshow/67572452.cms">Indian government just added a lot more red tape for startups while trying to fix the devilish ‘angel tax’</a> <a href="https://www.businessinsider.in/budget-2019-national-artificial-intelligence-program/articleshow/67788068.cms">Budget 2019: The Indian government is launching a national program for development of artificial intelligence</a>

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Razorpay has just raised $75 million and is looking to hire 350 new people

Sanchita Dash

Razorpay launches small biz credit card with no-cost interest for 50 days

Sanchita Dash

COVID-19: E-commerce cos resuming ops, clearing order backlog could take at least a week

PTI

Bengaluru, Delhi and Hyderabad lead digital merchant payments in 2019: Razorpay

PTI

PhonePe, may other payment apps hit in wake of Yes Bank crisis

PTI

Razorpay acquires Opfin, introduces corporate credit cards with RBL

PTI

JioMart, Dunzo, Swiggy and likes want to ride the trust earned by India’s kirana stores during the lockdown

Sanchita Dash

Budget 2019 royally ignored India’s startups

Sanchita Dash