How Razorpay Achieved 40-45 Percent Monthly Growth in COVID-Hit 2020

Razorpay, India’s first payment platform that offers merchant cash-on-delivery (COD) and a merchant mobile app, reported a 20% increase in their top line on an absolute basis and 35% CAGR from 2019 to 2020.

We sat down with Manav Agarwal, Co-Founder, Razorpay, to get insights into how the team, backed by Naspers and PayU, has grown and achieved stellar results in a pandemic year, when many people are working from home.

Payments grew by Rs. 5 lakh crore in 2020

Today, there are over 1 billion smartphone users in India, with about two-third of the population covered with bank accounts. As mobile is fast becoming the go-to channel for e-commerce payments, the growth of mobile payments is expected to become the largest growth driver for the Indian retail industry in 2020. In fact, in the U.K. the number of smartphone users with bank accounts is only one-sixth that of the Indian population. On a monthly basis, the mobile payment market is growing at a CAGR of 25% and around 40% in India.

To meet this demand and address the friction of making payments with mobile, the Indian market saw the launch of mobile payment platforms — like My PayU Money, Paytm Payments Bank, and many others. As a result, in 2020, the mobile payment market in India saw the launch of more than 25 such payment platforms.

With the startup culture flourishing in India and the need to ‘go local’ becoming more and more popular, we take a look at all the hot tech startups in the country. Gadget 360 talks to Shashank Kumar, co-founder and CTO at RazorPay, to learn about the company’s history, growth and future plans. We also talk to experts to understand what this technology does and how it is changing the country and how it is poised to become an indispensable part of everyone’s life.

Disclaimer: Gadgets360 interviewed Shashank Kumar, CTO at Razarpe, based on his own input. All text and views belong to the author and this article does not represent views of Gadget 360.

What did you and the team achieve in the beginning? How will you stay motivated and keep you going when everything is so exciting and fun for you?

Initially we knew we wanted to solve real life problems and create opportunities for people. For us, it means resolving the biggest pains facing our users and customers and in doing so, we have become the best platform for financial inclusion in India.

The best way for us to stay motivated is to always work on something that is really useful to our customers.

I think this is the key for us. You see, financial inclusion is a big problem in India. We are helping people solve it. And the important thing for us is to always work on something that is really useful to our customers.

We work with a small, self-funded team of about 15 people. We have about 300 customers. As we move forward, it will become a company of 30-40 people and we will appoint a COO (Chief Operating Officer) to work with me. This means that when we go from 300 customers to 1,000 customers, we become an MNC (multinational corporation). I would say that we have taken about six steps to get to this stage. I started this journey about a year and a half ago with only a handful of customers. We are now at 300, and hopefully in the next three and a half years we will be at 1,000.

You have a very interesting idea of ​​startup culture, which is to be the best in the business. I wonder how you maintain this feeling of tireless drive while running a startup?

I'm not sure if I'm the best. But if you look at the startup world today, you will see that all startups are like that - they are always trying to be the best at something. They never go to bed. They are always awake and do more than ever. They never stop looking for ways to improve. They don’t have a big team. You have seen many, many people from around the world working in startups, and they are all like that. For the past year and a half, our team has been working about 18 hours a day.

Do you think this has a positive effect on company culture?

It definitely has a positive effect on the business, because it forces you to do everything - every day. Your whole energy is focused on achieving what you set out to achieve, and you also get a lot of feedback on how you can improve yourself. You also know the strengths and weaknesses of your team.

I have problems, of course, if there are any problems, but I don’t have to stress about it because it’s very clear who is responsible. So, if I really have stress about something, I fix it. Also, I don’t need to hire more people, which is good because you don’t have the time. 

 

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