Consumer demands and the increasing e-commerce market have put in focus Indian start-ups backed by venture capital fundings. The most recent one to join the Internet market bandwagon is RazorPay.
The Jaipur-based startup is hoping to knock down barriers in providing online payment services in India. Nowadays, businesses in India who would add e-payment to their list of services would have to cut through the thick red tape and lots of region-by-region paperwork, making online payment companies back out of the country, or in the case of international e-payment services like Paypal, face difficulties.
Through a $120 thousand seed fund from Y Combinator, an American VC company, RazorPay hopes to follow other online payment services such as Stripe in offering online payment services in Indian markets. Unlike fellow Y Combinator alumnus Stripe though, RazorPay is much simpler. Instead of developing lead magnets and pop ups when it is time to pay for purchases, the company's platform is embedded directly in the vendor's website. This helps cut down on the process time, thereby adjusting to India's slow-to-average Internet response speeds. RazorPay's online forms for the entire payment process, from filling out to checkout, are on one webpage.
In addition, RazorPay also allows users to instantly use the platform by doing away with the time-consuming account set up. There is also no need for users to apply for a new bank account since the platform also integrates into the user's already existing one.
Already gearing up for an increased number of users, RazorPay also hopes to broaden their horizon and offer other services under the online payment umbrella.
Answering questions on the Y Combinator website, RazorPay co-founder Harshil Mathur said, "We do not support card tokenisation right now, it is in roadmap. We do support 3D secure but handle it completely on our end, the merchant need not worry about handling it."
