Online payment solutions company Razorpay Software Pvt. Ltd has launched four new products for businesses to automate payment-related tasks like money transfers and recurring payments, as it seeks to increase its merchant count to 90,000 from 40,000 currently.
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.
Founded in 2014 by Shashank Kumar and Harshil Mathur, the company has been backed by Mastercard, Tiger Global, Matrix Partners, and 33 angel investors. It has raised $11.5 million in funding so far. It enables businesses to accept online payments via credit/debit cards, net banking, wallets, and the Unified Payments Interface from customers. Razorpay competes with other payment gateway providers like CCAvenue, Instamojo, Citrus Pay and PayUbiz.
One of the new products, called Route, allows a business to sign up multiple third-party vendors using an API and split payments to each vendor, process refunds and other settlements. Another, called Smart Collect, is meant for automated collection and distribution of funds via national electronic funds transfer real time gross settlement, and immediate payment services.
“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," Harshil Mathur, CEO of Razorpay, said in a statement.