Digital payment solutions company Razorpay has launched four new products for businesses to automate payment-related tasks like money transfers and recurring payments.
Under its new brand named, Razorpay 2.0, the company is trying to shift from a payment gateway provider to a comprehensive payments platform for small businesses and firms.
The new products are Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices.
The Bengaluru-headquartered company expects these products to contribute 30-40% to the firm’s revenue in the next 12 months.
“We now manage the what, when, where and how of payments, right from the moment a payment is initiated to the point it is fully reconciled and disbursed to the final destination. We aim to make payments accessible to any business with a bank account and a phone number,” said CEO Harshil Mathur, reports ET.
Founded in 2014 by Shashank Kumar and Harshil Mathur, the payment company has over 40,000 merchants onboard, including small businesses, start-ups such as Goibibo, Zomato, Nykaa, Quikr, Chai Point, UrbanClap and NestAway, and other traditional organisations in the government and education sectors.
The company seeks to increase its merchant count to 90,000 and aims to solve various payment challenges faced by merchants including payment disbursement, recurring payments, payment collection and invoice management while creating new revenue channels for it.
A profitable firm in the financial year 2016, Razorpay has raised $11.5 million from marquee investors like Tiger Global, Matrix Partners, Y Combinator, Mastercard and 33 angel investors.
Mastercard’s investment was part of the ‘Start Path’ program launched by the New York-based financial services company.
According to a recent report on digital payments in India, total payments via digital instruments is expected to touch $500 billion by 2020 from $50 billion at present.