2015 is turning out to be a great year for payments solutions startups. After Citrus’s raising of $25 million in Series C funding last week, one of its main rivals, RazorPay, has also notched up a significant success, raising a total of $11.5 million, from Tiger Global and Matrix Partners. Part of this funding-to the tune of $2.5 million, was raised earlier in a round which saw participation Kunal Bahl and Rohit Bansal (founders of Snapdeal), Bill Gajda (SVP, Global Head of Innovation, Visa) and Justin Kan (Y Combinator partner and Twitch founder). A total of 35 investors participated in this round. Backed by Y Combinator (a feat which earlier allowed it to generate $120k in seed funding, as well as Silicon Valley mentoring), RazorPay was set up by Shashank Kumar and Harshil Mathur in 2013.
RazorPay seeks to make online payment hassle-free. A very large number of interfaces and methods are being used for online payment nowadays, to the growing discomfort of both merchants and customers. RazorPay seeks to eliminate such inconvenience by allowing for the development of secure and useful links between merchants, banks and other payment institutions. One of its most useful features is Checkout, a highly useful cross platform payment form, which eliminates the need for tedious payment-related activities like validation. Checkout’s USP is that it makes payments possible without having to endure repeated redirects from the website. RazorPay also accepts a variety of payment modes, such as Credit/Debits cards, Net banking and digital wallets. An easy to use and feature-laden Dashboard enables merchants to refund transactions easily, as well as submit all requisite documents online (removing the need for physical documenting), besides allowing for the in-depth analysis of transactions.
RazorPay’s services are being availed of by over 1,800 merchants at present, including the likes of LookUp, InnerChef, Teen Patti and LocalOye, among others.
RazorPay’s future looks bright in what is a highly lucrative yet competed-over environment. The recent influx of cash is likely to be used for the further development of products, and in marketing, according to RazorPay sources. The rapid growth of RazorPay and other payments solutions startups looks set to usher in an era of hassle-free online payments.
To avail of RazorPay’s services, visit its website here.