Razorpay to tap B2B payments, global markets for growth

Fintech company Razorpay is keen on exploring verticals like oil and gas, logistics and education for smoothening the process of business-to-business payments as it eyes profitability by September next year.
The MasterCard and Tiger Global-backed company is also aggressively doubling its team across technology and sales to tap into the boom in the Indian e-payments market post demonetisation.
"Overall, we have grown at 20X in the past 18 months and we should be able to grow at 7-10X in the next 12 months (FY17-18)...We hope to be profitable by September 2018 at the current growth rate," Razorpay Chief Growth Officer Siddharth Dhamija told PTI.

He added that the growth in its business post demonetisation is "sustainable and not a temporary phenomenon".
Razorpay's online payment gateway allows Indian businesses to collect payments online through credit/debit cards, net banking and wallets like JioMoney, Airtel Money, FreeCharge and others.
Razorpay, which has over 25,000 merchants onboard, counts companies like Videocon Industries, Nykaa, Chai Point, Innerchef, Papa John's, Biryani Blues, Runnr and Nestaway among its clients.

It competes with players such as PayU and CCAvenue in India.
Digital transactions using debit/credit cards, mobile banking, mobile app BHIM, Aadhaar Enabled Payment System and Unified Payment Interface have witnessed a sharp rise in the country after demonetisation move in November last year.

"We have been growing at 3,000 merchants post demonetisation month-on-month... On a daily basis, we process more than 2.5 lakh transactions and we should be touching about half a million transactions in a few weeks hopefully," Dhamija said.
Keen to focus on "unexplored territories" like B2B payments, Razorpay is looking at onboarding top 50 companies from verticals like oil and gas, logistics and education, he added.
"Apart from startups and e-commerce, now we are seeing a lot of thrust coming from the OTA segment (travel agents) and we are slowly getting into the aviation segment also," he said.
The company's investors include entrepreneurs like Flipkart ex-CPO Punit Soni, Snapdeal co-founders Kunal Bahl and Rohit Bansal and Freecharge co-founder Kunal Shah.

Asked about expansion plans, Dhamija said the company will double its team to over 150 people from the current 85 by March next year.
"We are also looking at going international... We would look at about 12 countries and these are emerging in nature and similar to the Indian market," he said.
He added that these include Indonesia, Thailand, Myanmar as well as countries in the Middle East and Africa.