Bengaluru: The company Fintech Razorpay said it reached $ 60 billion in total volume of payment (TPV) through its platform by 2021, 20% more than $ 50 billion targeted for the year.
Supported by this performance, the company targets $ 90 billion in TPV for 2022.
“We came to power more than 5% of Imp (Immediate payment services) on the disbursement side.
Of the 42 Unicorn (in India), 34 was powered by Razorpay,” CEO said and the Harshil Mathur co-founder.
Razorpay Powers pays for more than 8 million businesses including people like Facebook, Ola, Zomato, Swiggy, CRED, Muthoot Finance, and Indian oil, and are on track to reach 10 million businesses in 2022.
Mathur has recorded more than 300 businesses % Year-year growth for the second year in a row.
Nearly 70% of customers delivered in the final step of the online transaction, leaving their cart, the main reason becomes complex checking pages with several circles that need to be remembered and manually entering a password, card details, address, and OTP, to complete the purchase.
Razorpay simplifies this process.
Shashank Kumar, CTO and Co-Founder, said their new solution, magic checkout, automatically filled the information needed in all stores in the magical checkout network for all current purchases and in the future.
“This reduces the dropout of 40% -50%,” he said.
Buyers, he said, will now be able to checkout 50% faster while retailers can expect an increase in 20% conversion.
The new Razorpayx tax payment suite is launched, one-stop platform for all tax payment needs for small businesses, both TDS, GST, TCS, or sophisticated tax, proven successful.
Razorpayx Dashboard provides a single and transparent business of all distributors for seamless collaboration between financial teams, external accountants, and business owners.
“Nearly 60-70% of the $ 160 million that we express earlier this year will enter RazorPayx and NeoBanking,” Mathur said.
Razorpay has launched a startup launchpad called Rize for the first businessman who will help them from initial merger to file their first tax, pay their first salary, and provide tools to meet sales, marketing & financial needs.
Rize will also help employers get their first loan or funding.
Rize has partnered with more than 50 product companies including AWS, Freshworks, Work, Zoho, Shiprocket, and Webendage to make a comprehensive toolkit.
Razorpay has collected $ 366 million from investors to date, and is worth $ 3 billion.
Investors include GIC, Global Tiger, Indian Sequoia Capital, and Ribbit Capital.