About INDmoney: Building a Full-Stack Financial Superapp
INDmoney is one of India’s leading wealth tech platforms, helping users invest, save, insure, and borrow—all through a unified app. What began as a mission to recommend commission-free financial products has now evolved into a comprehensive financial operating system. From U.S. stocks and mutual funds to Indian equities, credit lines, bill payments and insurance, INDmoney serves over 10 million users with a product-first approach rooted in transparency and convenience.
As INDmoney expanded into new product verticals, they needed a payments infrastructure that could match their speed of innovation—while remaining compliant, intelligent, and always-on.
INDmoney’s Razorpay Stack at a Glance
- 2× increase in payment conversion
→ Grew from 45% to 80–85% by surfacing failure reasons and guiding retry paths - UPI Autopay success rate improved from 65% to 85%
→ Above industry average, driven by deep error analysis and iterative fixes - SaaS-style routing for partner payouts
→ Razorpay Route ensures compliant settlement to partner accounts (not INDmoney) across US Stocks, insurance, FD, and advisory use cases - Custom mutual fund reporting for NAV precision
→ Razorpay tailored reporting times to meet SEBI cutoffs, ensuring same-day NAV for investors
The Challenge: Scaling Seamless Wealth Journeys Without Payment Anxiety
INDmoney’s vision to offer a one-stop financial suite meant tackling complex payment and compliance challenges—across both consumer-facing experiences and backend infrastructure.
Friction in Wealth Is Fatal
Whether it’s investing ₹1 lakh into a mutual fund or stocks , users expect instant clarity and trust. But legacy infrastructure often led to stuck payments, retries, and anxious calls to support. Even a few dropped transactions in wealth can break user trust.
Delayed NAVs Hurt Investor Outcomes
For mutual funds, missing the SEBI reporting window means the user receives a next-day NAV—resulting in poor experience and potentially unfavorable investment outcomes. INDmoney needed tightly timed reporting workflows to ensure T+0 NAV capture.
Recurring Investments Were Breaking
When INDmoney launched sachet SIPs using UPI Autopay in 2022, the ecosystem was still immature. Autopay debit success rates hovered around 65%, driven by cryptic failures and PSP mismatches—making SIPs unreliable.
Scaling for Surge Events
Events like Mahurat Trading, Union Budget Days, and Election Result spikes increased transaction volumes by 5–6×. Without pre-scaling, this could overload systems and lead to high-value failures during critical market windows.
The Solution: Custom-Built Payment Infrastructure, Embedded Across Every Product
Razorpay has worked hand-in-hand with INDmoney to power the financial rails of every new product launch, from mutual funds to insurance to international investing.
2× Conversion Improvement with Error Mapping & Retry Paths
When INDmoney first launched, payment conversion hovered at ~45%. By mapping failure codes, surfacing actionable errors to users (e.g., change UPI handle, retry bank), and guiding them to alternate methods, Razorpay helped lift conversion to 80–85%.
UPI Autopay Built to Scale SIPs Reliably
In 2022, INDmoney launched its sachet investment product using UPI Autopay. While debit failures plagued the initial rollout, Razorpay’s tech team collaborated with INDmoney to trace every failure code, optimize partner integrations, and raise success rates to 85%+—well above the current industry average.
NAV-Aligned Mutual Fund Reporting
To ensure investors always received same-day NAVs, Razorpay built a custom reporting schedule aligned with BSE’s mutual fund systems—helping INDmoney stay compliant and enhance investor outcomes.
Real-Time Settlement Infrastructure for Stocks
INDmoney required instant fund movement. Razorpay enabled a custom PG instant settlement flow to settle incoming user funds directly to the destination account via partner banks—without delays or manual ops.
Surge-Ready Infrastructure for Market Events
Razorpay worked proactively ahead of high-traffic events—like Mahurat Trading or Budget Day—to scale up INDmoney’s infrastructure based on projected traffic. These preventive actions ensured zero infra failures even at 5–6× baseline volumes.
“During surges, Razorpay never waits for failure. They plan infra scale ahead of time—so our users see zero friction even on our busiest days.”
What’s Next: Expanding Across Financial Touchpoints, with Razorpay at the Core
As INDmoney continues its journey toward becoming India’s most comprehensive wealth platform, it’s deepening its partnership with Razorpay to support new use cases—like bill payments, T+0 investment workflows, and deeper analytics around payment method performance. Whether it’s launching next-gen products or maintaining investor trust during market spikes, Razorpay remains at the heart of INDmoney’s financial infrastructure.
Together, they’re not just enabling transactions—they’re shaping what a digital-first investment journey should feel like.
