Payments solutions firm sees business trebling in last one year; aims to process $50b in the next one year
Razorpay says it will hire 650 people over the next few months to support its strong growth. The payments solutions provider recorded a threefold increase in its business last year with a resource of about 1,300 people.
“The company hired over 550 employees in 2020, and looks forward to welcoming 650 more employees across technology, product and business teams in the next few months,” says a statement. The roles are being created to meet the payment and banking needs of SMEs and freelancers, it says.
Razorpay witnessed an 80 per cent increase in the demand for digital payments and the need for digital financial processes, forcing offline companies to move online.
“Of the 650 new positions for both freshers and lateral hires, 350 will be towards expanding the engineering and product teams, and the rest will form the customer experience, sales and marketing forces,” the statement says.
Razorpay Senior Vice-President (People Operations) Chitbhanu Nagri says that with the rising adoption of digital payments during COVID-19 and thousands of businesses going online for the first time, there is a lot of scope for interesting innovations in business payments now.
“This story of innovation and disruption will continue and grow stronger in the next few months and hence our hiring plans are being driven by more investment in product development, customer experience and new additions to the existing product suite so that we cater to the ever-evolving payment and banking needs of SMEs and MSMEs,” he says. “We are excited and looking forward to 650 more people joining us as we together work towards servicing the next five million businesses by 2022.”
In December 2020, the company claimed that it has processed payments worth $30 billion, and is set to touch $50 billion in the next one year.
Razorpay has recently launched a host of additions like support in seven vernacular languages, a B2B app store and Razorpay Trusted Badge to help improve conversions for new businesses, along with group health insurance for companies with as less as two employees.
The company has facilitated disbursal of loans worth Rs 250 crore a month and aims to take this to Rs 500 crore a month this year. In the last six months, the Tiger Global-backed company posted a 40 per cent month-on-month growth in its business.
Razorpay powers payments for over five million businesses, including Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential and others.