Razorpay gears up to digitise small businesses; aims at $50 bn TPV by 2021

Due to lack of trust, new merchants usually see 30% higher cart abandonments on the checkout page as compared to established merchants; Razorpay is aiming to change that

After raising mega funding of $100 million from Singapore’s sovereign wealth fund GIC and Sequoia Capital, newly formed fintech unicorn Razorpay is betting big to help small businesses to digitise.

The company is launching a string of products ranging from insurance to vernacular language support. These are aimed at empowering the next phase of digital growth for small businesses in India. The Bengaluru-based firm plans to achieve $50 billion TPV (total payment volume) by the end of 2021. This would also further solidify its position as one of the largest full-stack fintech companies in the country.

Razorpay’s new products launched