Harshil Mathur Story is a tale of bold vision, technological disruption, and building one of India’s most trusted fintech platforms—Razorpay. Starting from a simple idea to simplify online payments, Harshil transformed Razorpay into a full-stack financial ecosystem used by millions of Indian businesses. His story reflects what relentless problem-solving, clear focus, and execution can achieve in India’s booming digital economy.
Basic Details
| Legal Name | Razorpay Software Private Limited |
| Brand | Razorpay |
| Founder | Harshil Mathur |
| Co-Founder | Shashank Kumar |
| CEO | Harshil Mathur |
| Industry | Fintech |
| Website | www.razorpay.com |
| Year of Founding | 2014 (Bengaluru, Karnataka, India) |
| Founder’s Education | B.Tech, IIT Roorkee |
| Valuation | Approx. $7.5 Billion (as of 2025) |
| Employees | 3,500+ |
| Headquarter | Bengaluru, Karnataka, India |
PERSONAL STORY: HARSHIL MATHUR
Harshil Mathur was born in Rajasthan and showed a strong interest in tech and systems early on. After securing admission into IIT Roorkee, his passion for problem-solving and innovation took shape. Coming from a non-finance background, Harshil was always curious about how the banking system worked—especially why online payments were so complicated for businesses.
After graduation, he worked briefly in the corporate world but soon left to chase something bigger. With minimal resources and little startup exposure, he pursued an idea that would later become Razorpay. His clarity of thought, resilience against rejections from banks, and strong product focus laid the foundation for a fintech revolution.
FOUNDING STORY: RAZORPAY
The idea behind Razorpay was born when Harshil, as a developer, tried to integrate a payment gateway into a website and was shocked by how broken and outdated the process was. He realized that small businesses and startups had no easy way to accept online payments in India.
In 2014, he decided to solve this. Harshil built a prototype and started knocking on doors of banks, only to face rejection after rejection. But his persistence paid off when Razorpay got accepted into Y Combinator in 2015—the first Indian payments company to do so.
From there, Razorpay grew rapidly, offering clean APIs, developer-friendly onboarding, and transparent pricing. Today, Razorpay is a complete B2B financial ecosystem with offerings in payments, banking, credit, payroll, and point-of-sale.
COMPANY PROFILE: RAZORPAY
Razorpay is India’s fastest-growing fintech platform serving over 10 million businesses. The company offers a range of products:
- Payment Gateway – Accept UPI, card, wallet, and EMI payments
- RazorpayX – Business banking with current accounts, payroll, and vendor payments
- Razorpay Capital – Loans and credit lines for startups and SMEs
- Razorpay POS – Smart POS solutions for offline stores
- Payroll & Compliance – Automated payroll, tax, and statutory filings
- Magic Checkout – One-click checkout for e-commerce businesses
Mission & Vision
- Mission: Razorpay’s mission to simplify online payments and support businesses with secure, scalable payment solutions.
- Vision: Razorpay’s vision of becoming the leading payment gateway provider and driving digital transformation in India’s financial ecosystem.
Business Model
Razorpay operates on a B2B (Business to Business) model, focusing on providing payment solutions and financial services to businesses. The platform connects merchants with various payment tools and banking services to help them accept payments, manage their finances, and grow their businesses. Razorpay offers services such as payment gateways, banking solutions, lending, and financial management, enabling businesses to seamlessly handle transactions and improve their cash flow. Additionally, it provides value-added services like fraud prevention, analytics, and API integrations to enhance business operations.
Revenue Model
Razorpay earns revenue through:
- Transaction fees on payment processing
- Platform subscription fees (RazorpayX, Payroll)
- Loan commissions through Razorpay Capital
- API usage charges for premium services
- Interest income via float money on current accounts
Market Landscape
The fintech space in India is crowded and competitive, with players like:
- PayU
- Cashfree
- CCAvenue
- BillDesk
- PhonePe for Business
- Traditional banks with digital products
Despite this, Razorpay has built dominance by focusing on startups and SMEs, building trust through reliable products and excellent customer support.
USP (Unique Selling Proposition)
Razorpay’s biggest strength is its full-stack ecosystem designed specifically for Indian businesses. Key differentiators include:
- Developer-first design
- Fast onboarding and transparent pricing
- Complete banking + payments integration
- Smart analytics and reporting tools
Trusted by over 65% of India’s digital-first startups
Funding and Investment
Harshil led Razorpay through multiple successful funding rounds:
- 2015: Seed funding via Y Combinator
- 2016–2021: Backed by Sequoia Capital, Tiger Global, GIC, and Ribbit Capital
- 2020: Became a unicorn after Series D round
- 2022: Valuation reached $7.5 Billion post Series F
- 2025: Razorpay is profitable and reportedly preparing for IPO
- Total funds raised till date: $750M+
Growth Highlights
- 2014: Founded Razorpay
- 2015: Entered Y Combinator
- 2016–18: Gained rapid merchant adoption
- 2019: Launched RazorpayX
- 2020: Achieved unicorn status
- 2022: Crossed 10M+ businesses on platform
- 2024: Became profitable
- 2025: Razorpay among top 3 B2B fintech platforms in India
Team Size & Culture
Razorpay employs over 3,500 professionals. Harshil focuses on building a culture of:
- Speed & ownership
- Continuous innovation
- Product-first mindset
- User empathy
The company encourages a balance of startup agility with structured scale.
Awards and Achievements
- Y Combinator alumni success story
- ET Startup of the Year finalist
- Nasscom Emerge 50
- Best Fintech Leader Award – Harshil Mathur
- Razorpay featured in Forbes Asia 100 to Watch list
Future Plans for Razorpay
- Global Expansion: Razorpay aims to expand into Southeast Asia, Middle East, and other emerging markets to become a leader in fintech.
- Neo-Banking Solutions: Focus on enhancing RazorpayX with business loans, credit facilities, and investment tools for SMEs.
- AI & ML Integration: Strengthening AI-driven solutions for optimized payments and personalized financial tools.
- Razorpay Capital: Scaling up its lending business to provide quick access to working capital for businesses.
- IPO & Global Presence: Planning for an IPO to fuel global growth and product development by 2025-2026.
- Developer Ecosystem: Introducing more tools and APIs for seamless business integrations.
- Sustainability: Becoming carbon-neutral by 2027 with eco-friendly practices.
- Global Partnerships: Collaborating with Visa, Mastercard, and others for global payment processing.
FOUNDER GUIDE
“We didn’t start Razorpay to build just another payments company. We wanted to redefine how Indian businesses handle money.”
— Harshil Mathur, Founder & CEO, Razorpay
Founder’s Advice for Entrepreneurs
- Be obsessive about the problem: Fall in love with the solution, not just the idea
- Persistence pays: Rejections will happen, keep showing up
- Build real utility: Solve for Bharat, not just metros
What We Learn From The Story
Harshil Mathur story shows how clear vision, persistence, and tech-led thinking can create a powerful impact. From IIT Roorkee to building Razorpay into a $7.5B fintech giant, his journey reflects the strength of India’s new generation of entrepreneurs.
