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Razorpay grows by 300%; aims to achieve $90 bn TPV by 2022 end

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Fintech unicorn Razorpay has said it grew 300 percent for the second consecutive year and achieved $60 billion TPV (total payment volume) in early December 2021. That is 20 percent more than the $50 billion TPV goal announced in December 2020.

The Bengaluru-based firm for payments and banking said it aims to achieve $90 billion TPV by the end of 2022. “In the last year, Razorpay grew over 300 percent and we plan to achieve $90 billion TPV by the end of 2022,” said Harshil Mathur, chief executive officer and co-founder of Razorpay.

“This growth is a testament to the significant digital adoption by small businesses in the last 2 years. I believe that there is really no growth for us unless there is growth for our customers first.”

The firm powers payments for over 8 million businesses that include Facebook, Ola, Zomato, Swiggy, Cred, Muthoot Finance, National Pension System, and Indian Oil and is set to reach 10 million businesses by 2022.

The company launched on Thursday products aimed at empowering the digital growth of small businesses in India. These products were launched at the fourth edition of FTX, Razorpay’s flagship fintech conference that brought together over 100 speakers.

India is the fastest-growing fintech market in the world, with the highest adoption rate of 87 percent in the world against the global average of 64 percent.

Razorpay, which is backed by investors such as Sequoia and Tiger Global, competes with players such as BillDesk, Pine Labs, Paytm, PayU, BillDesk, CCAvenue, and Cashfree Payments.

One such product launched is Razorpay Magic Checkout. Retail businesses spend millions to lead customers onto their websites and apps, only to see 70 percent of them drop off at the last step of the transaction, abandoning their carts. The primary reason is complex checkout pages with multiple hoops expecting users to remember passwords and manually enter card details, addresses, and OTPs to complete a purchase.

Magic Checkout cuts down these multiple steps drastically. It securely saves shoppers’ information once during purchase and automatically prefills that information at all stores within the Magic Checkout’s network for all current and future purchases.

The firm also launched a Tax Payment Suite. Tax payments take up significant mind space and resources for all business owners. In fact, more than 50 percent of small businesses face difficulties with TDS (tax deducted at source) calculation and tax payments. Considering multiple meetings, sifting, and sorting of data, tedious filings, and payment failures, the entire process costs small businesses more than 250 hours every year.

Rize will also help entrepreneurs acquire their first loan or funding. It has partnered with over 50 product companies including AWS, Freshworks, WeWork, Zoho, Shiprocket, and WebEngage to create a comprehensive toolkit, along with benefits worth half a million dollars on Razorpay and its partner products.

BNE ADMIN