{"id":3843,"date":"2021-07-02T03:35:39","date_gmt":"2021-07-02T03:35:39","guid":{"rendered":"https:\/\/newsroom.razorpay.in\/?p=3843"},"modified":"2021-07-02T04:26:16","modified_gmt":"2021-07-02T04:26:16","slug":"razorpay-sets-sight-to-achieve-50-billion-tpv-by-2021-launches-suite-of-products-to-accelerate-sme-growth","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/razorpay-sets-sight-to-achieve-50-billion-tpv-by-2021-launches-suite-of-products-to-accelerate-sme-growth\/","title":{"rendered":"Razorpay sets sight to achieve $50 Billion TPV by 2021;  Launches Suite of Products to Accelerate SME Growth"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Launched support in <\/span><\/i><b><i>7 Vernacular Languages <\/i><\/b><i><span style=\"font-weight: 400;\">to deliver localised payment experience to businesses and customers in Tier 3 &amp; 4 cities\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Forays into Insurance, Introduced <\/span><\/i><b><i>RazorpayX Group Health Insurance <\/i><\/b><i><span style=\"font-weight: 400;\">for Teams of Two to Thousands of Employees\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">In a bid to invest in building India\u2019s Fintech Infrastructure, Razorpay launched a B2B <\/span><\/i><b><i>App Store, a First for the Fintech Industry<\/i><\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Newly crowned Unicorn, Razorpay grew <\/span><\/i><b><i>300%+ over the last twelve months\u00a0\u00a0<\/i><\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>INDIA, Bengaluru, 18th December: <\/b><span style=\"font-weight: 400;\">Newly crowned Fintech Unicorn, <\/span><a href=\"https:\/\/razorpay.com\/?utm_source=ftx-release&amp;utm_medium=press\"><b>Razorpay<\/b><\/a><b>, today announced its plans to achieve<\/b> <b>$50 Billion TPV (Total Payment Volume) by the end of 2021<\/b><span style=\"font-weight: 400;\"> and further solidify its position as one of the largest full-stack fintech company in the country. The company <\/span><b>launched a string of products,<\/b> <b>aimed at empowering the next phase of digital growth for Small Businesses in India<\/b><span style=\"font-weight: 400;\">. These products were launched today at the Third edition of FTX, its flagship fintech conference that brought together <\/span><b>50+ thought-provoking speakers and was virtually attended by 10,000+ fintech enthusiasts<\/b><span style=\"font-weight: 400;\"> from across the globe.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With most of the country slowly reeling back to normalcy, it&#8217;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, <\/span><b>businesses still lack an intelligent financial infrastructure to scale.<\/b><\/p>\n<p><b>Razorpay\u2019s new products launched at FTX are aimed to help SMBs bounce back far more quickly. <\/b><span style=\"font-weight: 400;\">These solutions bring in agility and flexibility in business\u2019s financial operations and <\/span><b>cater to their payments and business banking needs. <\/b><span style=\"font-weight: 400;\">Here is the suite of products launched at FTX.<\/span><\/p>\n<p><b><\/b><b>Products Launched to Enhance Customer Payment Experience<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Razorpay goes multilingual, Launches 7 Vernacular Languages on Checkout<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">India already has nearly 700 million internet users, of which more than 300 million prefer to interact in local languages. To deliver a localised payment experience to customers, the company has introduced a multilingual checkout page for thousands of non-English speaking merchants and customers from tier 3 and 4 cities. Most of these merchants are adopting digital payments for the very first time and this feature will help reduce the number of failed transactions. The Indian languages offered on Razorpay are <\/span><b>Hindi, Kannada, Tamil, Telugu, Marathi, Gujarati, and Bengali.<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Razorpay Trusted Badge to Help Improve Conversions for New Businesses<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Due to lack of trust, <\/span><b>new merchants usually see 30% higher cart abandonments<\/b><span style=\"font-weight: 400;\"> on the checkout page as compared to established merchants; and <\/span><b>over 90% of overall orders are typically COD<\/b><span style=\"font-weight: 400;\"> (Cash On Delivery), which in turn hurts the merchant&#8217;s profits. The Razorpay Trusted Badge helps customers know that the business is credible and trustworthy. <\/span><b>A first-of-its-kind among payment gateway providers,<\/b><span style=\"font-weight: 400;\"> the Razorpay badge can have a drastic impact on customer\u2019s payment experience, in turn, leading to higher conversions for the merchant. This badge will be displayed on the Razorpay Checkout and will be available to select businesses who are deemed trustworthy by Razorpay and its customers.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400;\">\u00a0<\/span><\/i><b>Products Launched to Amplify Banking Experience for Businesses<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Launch of RazorpayX Vendor Payouts to Help Businesses Scale-Up<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Traditionally, businesses have been following manual processes like using spreadsheets to track vendor invoices. This is then followed by manual payments on bank portals and long hours calculating and paying taxes. <\/span><b>While processing vendor invoices, businesses make errors 50%<\/b> <b>of the time<\/b><span style=\"font-weight: 400;\">. <\/span><a href=\"https:\/\/razorpay.com\/x\/payouts\/\"><span style=\"font-weight: 400;\">RazorpayX<\/span><\/a><span style=\"font-weight: 400;\"> Vendor Payouts solution helps businesses reduce this friction by automating and centralizing the process with minimal human intervention, empowering businesses to <\/span><b>process bulk payouts, disbursals, refunds instantly via UPI, IMPS, RTGS and NEFT at any time of the day <\/b><span style=\"font-weight: 400;\">and not restrained by fixed banking hours.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Razorpay Forays into Insurance &#8211; Launch of RazorpayX Group Health Insurance for Teams as Small as Two Employees<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Less than<\/span><b> 10%<\/b> <b>of millions of Indian businesses can afford health insurance<\/b><span style=\"font-weight: 400;\"> for their employees<\/span> <span style=\"font-weight: 400;\">as the process is tedious, lacks transparency, and is expensive.<\/span> <span style=\"font-weight: 400;\">This problem is magnified further for startups with less than 20 employees, especially when health insurance is key during this Covid era. To ensure they no longer have to struggle with this, RazorpayX launched<\/span><b> Group Health Insurance, in partnership with Plum and ICICI Lombard,<\/b><span style=\"font-weight: 400;\"> covering teams as small as two employees.<\/span> <span style=\"font-weight: 400;\">Businesses using Razorpay Payroll can now avail benefits and affordable premiums <\/span><b>within 60 minutes <\/b><span style=\"font-weight: 400;\">&#8211; premiums start at Rs. 2 per day and cover pre-existing conditions and maternity.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Investing in India\u2019s Digital Future\u00a0<\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Launch of India\u2019s First B2B App Store\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Most of the product innovation has primarily happened on the B2C side but hardly any on the B2B. In a bid<\/span> <span style=\"font-weight: 400;\">towards fostering innovation,<\/span><b> Razorpay\u2019s<\/b> <b>App Store will be the first B2B app store for the fintech industry, <\/b><span style=\"font-weight: 400;\">empowering the developer community to<\/span><b> build solutions beyond fintech. <\/b><span style=\"font-weight: 400;\">With Razorpay\u2019s network of 5Mn SMBs, developers can create flexible solutions and target a million businesses through Razorpay\u2019s developer friendly APIs. The Razorpay App Store ranges from applications like<\/span><b> Shopify and WooCommerce <\/b><span style=\"font-weight: 400;\">to help new businesses build an online store to managing accounts with <\/span><b>Quickbooks<\/b><span style=\"font-weight: 400;\"> &amp; <\/span><b>Zoho Books <\/b><span style=\"font-weight: 400;\">to raising donations through <\/span><b>Crowdera.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">At the event,<\/span> <span style=\"font-weight: 400;\">Razorpay also<\/span><b> announced a fund of 1 Crore to give as grants to developers <\/b><span style=\"font-weight: 400;\">encouraging them to build unique solutions that will further strengthen the fintech infrastructure.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Commenting on these innovations in a post-covid India,<\/b> <b>Harshil Mathur, CEO &amp; Co-founder of Razorpay said,<\/b> <i><span style=\"font-weight: 400;\">\u201cWe are going through one of the biggest digital transformations in the history of Fintech. SMBs, Startups &amp; Freelancers of the future will be very different from the businesses today. They\u2019ll have very different personalities, different payment &amp; banking needs and a different set of consumers and markets to cater to. If businesses like us don\u2019t 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\u2019ve launched at the FTX event today is an effort towards helping businesses with new possibilities to scale their business not just survive the pandemic.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">He added, <\/span><i><span style=\"font-weight: 400;\">\u201cI 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.\u201d<\/span><\/i><\/p>\n<p><b>Speaking on the role of technology to empower businesses in India, Shashank Kumar, CTO &amp; Co-founder of Razorpay said,<\/b> <i><span style=\"font-weight: 400;\">&#8220;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 &amp; 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.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><b>About <\/b><a href=\"http:\/\/www.razorpay.com\/\"><b>Razorpay<\/b><\/a><b>:<\/b><br \/>\n<span style=\"font-weight: 400;\">Razorpay, a full-stack financial services company, and a recently crowned Unicorn, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 5Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley\u2019s largest tech accelerator, Y Combinator. Marquee investors such as GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Y Combinator and MasterCard have invested a total of $206.5 Mn through Series A, B, C &amp; D funding. Around 33 angel investors have invested in Razorpay\u2019s mission to simplify payments and banking and redefine how finance works in India.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>For more information, please contact:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Hepsibah Rozario || <\/span><a href=\"mailto:hepsibah.rozario@razorpay.com\"><span style=\"font-weight: 400;\">hepsibah.rozario@razorpay.com<\/span><\/a><span style=\"font-weight: 400;\"> || +91 8884913468<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amogh Yenagi\u00a0 \u00a0 \u00a0 || <\/span><a href=\"mailto:amogh.yenagi@razorpay.com\"><span style=\"font-weight: 400;\">amogh.yenagi@razorpay.com<\/span><\/a><span style=\"font-weight: 400;\"> \u00a0 \u00a0 || + 91 9113649626<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Launched support in 7 Vernacular Languages to deliver localised payment experience to businesses and customers in Tier 3 &amp; 4 cities\u00a0 Forays into Insurance, Introduced RazorpayX Group Health Insurance for Teams of Two to Thousands of Employees\u00a0 In a bid to invest in building India\u2019s Fintech Infrastructure, Razorpay launched a B2B App Store, a First<\/p>\n","protected":false},"author":4,"featured_media":3846,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27,28],"tags":[],"class_list":{"0":"post-3843","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corporate","8":"category-technology"},"modified_by":"Amogh Yenagi","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=3843"}],"version-history":[{"count":4,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3843\/revisions"}],"predecessor-version":[{"id":3849,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3843\/revisions\/3849"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/3846"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=3843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=3843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=3843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}