 "Razorpay")
Razorpay, a fintech payments and banking platform for businesses, on Thursday said it will join the Open Network for Digital Commerce (ONDC), a non-profit company set up by the Department for Promotion of Industry and Internal Trade (DPIIT) as an alternative for internet shopping.
With this, the Tiger Global-backed firm has become the first payment gateway to launch a Payment Reconciliation Service for Network Participants (NPs) like buyers, sellers, and logistic partners on ONDC. This will provide them with an integrated single view of all their transactions.
“I believe the possibilities the ONDC network provides are endless and I’m confident the Payment Reconciliation Service will only further strengthen the development of ONDC’s tech infrastructure and help the ecosystem grow seamlessly from a payments and compliance point of view,” said Shashank Kumar, Managing Director and Co-founder, Razorpay.
Razorpay said it will further help NPs on ONDC by timely routing settlement information for a given transaction and assisting them with settling funds.
The fintech unicorn – unicorns are companies valued over $1 billion – claims it is working with 10 million businesses through its platform.
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Founded in 2014 by Kumar and Harshil Mathur, Razorpay is backed by the likes of Y Combinator and other marquee investors such as TCV, GIC, Tiger Global, Sequoia Capital India, Matrix Partners, Salesforce Ventures, and MasterCard have invested a total of $741.5 million in the firm. The company is currently valued at around $7 billion.
“We are thrilled to welcome Razorpay to ONDC. This is a significant step towards our goal of enabling seamless and secure digital commerce for everyone. With this addition, we continue to drive transparency and inclusion in the digital commerce space and we look forward to working with Razorpay towards achieving this vision,” said Thampy Koshy, CEO, ONDC.
Through ONDC’s open network approach, buyers and sellers need not be on the same platform to do a business transaction. This enables small and medium businesses (SMEs) to access a larger buyer universe.
