If you order food from zomato or swiggy today at the time of checkout, you will see wallet, payment, debit card, upi and many more options and imagine if this is payment mode not available in market then what will you do.
And there it becomes very difficult to pay for your food bill. Well thanks to shashank kumar & harshil mathur who left microsoft such a big company and start there startup "Razorpay". Without which big platforms like zomato, swiggy, oyo, airtel, irctc, etc. Feel incomplete today.
And after heading so many big companies, today razorpay's valuation has become more than 7.5 billion. More than 5 billion transactions are done through razorpay every year.
Along with this, the specialty of razorpay is that it currently holds 12 percents indian online transactions markets. So, in this post, you will learn how shashank kumar & harshil mathur helped a company to grow so well that today everyone prefers razorpay.
And why 5000+ merchants and online e-commerce platforms prefer to transact online through razorpay. Let's move on and now we will cover everything in detail.
Razorpay Company Details
| City: | Bangalore |
|---|---|
| Founders: | Shashank Kumar, Harshil Mathur |
| Founded: | 2014 |
| Industries: | Recruiting,Employment |
| Number of employees: | 1,000 |
| Revenue: | $210.1 Mn |
| Official Website: | razorpay.com |
Startup Secrets Of Razorpay
1. Problem Solver Approach
In india there is 42 million s.M.S smart and medium size enterprises which create more than 6000 products daily. Before 2014, when it was time to pay for raw materials at the time of business contact, mostly in cash or depending on cheques.
And his business sometimes stopped due to non-arrival of payment on time.
Therefore, by making a solution to the problem, shashank kumar & harshil mathur decided that they would create such a platform, would make such a payment system in which businesses could make easy payments among other.
And they don't even need to go to the bank and stand in line. And that's when razorpay was launched which leaving all the company behind who wanted to bring this revolution in the area.
Surprisingly, the smooth payment in the market at that time was so big. That 300 businesses already joined razorpay without any marketing on the first day of launch.
From this we known that if we know exactly the problem of the market, then our product can never fail in the market. And today more than 3 lakh merchants prefer to use razorpay.
From which razorpay charges around 0.25 to 0.5% transactions fee.
2. Attractive product
After the launch of razorpay, its founder quickly got to know that sms I still exited a lot of problems related to payment. Like there is no cash to expand business.
GST late filing and not being able to give the case to the employee on time. And handling the processes related to salary like ppf for tds.
By understanding this all problem, extract attractive product in the company in which sms be able to focus fully on your business. And at the same time razorpay was able to generate more revenue from business.
For example razorpay capital in which s.M.S. Can take cash in advance. And talk about seconds razorpay invoice. In which gst complete invoice is given which helps the business to collect cash on time with its partner. And thirdly, razorpay payroll
Through this businesses could give automatic cash payment to their employees, also take care of PPF and TDS
3. Consistency
If now you read the world's most famous book think and grow rich chapter number 9, then you will see written clearly that, without consistency you can not do anything big in your life.
Using the same consistency power, the co-founders of razorpay have reached here today. Before making razorpay's idea a reality, they faced a huge problem with the process of licensing and certification.
Before razorpay was one of the company in 2014 which wanted to provide better and smoother payment features in e-commerce platform compare to bank.
And when the founder of razorpay went to bank for collaboration. Over 100+ banks refused to collaborate with them.
Still he did not give up and in the end, the ceo officer of a big private bank saw a revolution in his idea and decided to collaborate with him. And after that the growth of razorpay started every year at the level of 40% to 50%.
And in 2018 their level of growth reached to 500% harshil co-founder of razorpay says sometime in life there are always ups and downs but to be successful it is very important for you to believe in your idea. And one should always push himself to achieve the goal.
4. Timing
If you have not seen our cred post, then it has been told there that cred launched its product at the time in which the demand was high on the market and very few creators.
That's why cred was able to build a business of billions so quickly. Same case study applies here also in razorpay.
If you used to make online payment or book flight tickets before 2014, then while doing a lot, then everyone knew that online payment could be done only through debit card and credit card.
But, when razor came on the market in 2014 then importance of debit had started decreasing on the market.
And if you see in today's date, everyone from irctc to zomato has started accepting digital wallet like upi and many more, due to which you do not need to debit card again and again.
5. Risk Taker
In india 43% of population are engaged in job and rest percentage of population is unemployed or busy with their family business.
But the funny thing here is that on one side the unemployed population is fighting for jobs and on the other side the employed population are fighting to leave the job everyday.
This is where the founder of razorpay is fighting the internal struggle because after working in microsoft such a big company, he felt incompetent in his life.
And sometimes he quit his job to make his razorpay idea into reality on risk and started working hard to bring revolution in full time payment industry. This strategy tells us that no matter how much you are earning in the job.
If you're not happy and you believe that you're made to do great things, then you'll have to take the risk in your life. Also if you have to know the idea well, then no one will stop you from making us a reality.
So friend this was razorpay's startup secret. It is said that there is never any shortage in the market of opportunity. You have only to search opportunity in markets and take action on it.
Revolution will come automatically only after it comes in the market.
If you notice carefully, then Shashank Kumar & Harshil Mathur did not know whether their product would survive in the indian market or not. But as he worked on his idea and got results on his action, it shows that we should not take too long to take action.
Even if you have to take ricks in it. And if today you see any opportunity and after you research you get believe. Then will become successful in market then don't delay in taking action because your destiny is waiting for you>>>
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