Razorpay looks to go global by next year

BENGALURU: Fintech startup Razorpay is looking to expand internationally into markets including South East Asia and the Middle East by mid 2018. Currently, the 100-member company has 35,000 merchants onboard and 70% of its business comes from startups and SMBs while 10% is through other bigger players like Quikr, Zomato, Goibibo and Videocon. Notably, the company has also been seeing traction from traditional sectors like logistics and education.

"Post-demonetisation, we have seen a constant growth and although there was no surge and drop for us, traditional sectors like insurance, mutual funds are now keen to adapt digital payments which have led to a significant growth over the period," said Harshil Mathur, CEO of Razorpay. "Earlier these sectors heavily relied on cash but steadily with the push for digital payments, they are now adopting digital methods," said Mathur. The company claims that in the last financial year, it grew 30times and by the end of this financial year, it plans to grow another 10 times.