How This IITian's Startup Overcame 100 Rejections By Banks & Is Now Valued At $7 Billion

For Harshil Mathur, a nine-to-six corporate job was always boring, as he loves taking on a new challenge everyday. That is what led the IIT-Roorkee graduate to launch Razorpay in 2014, along with fellow Roorkee alumni Shashank Kumar. The Bengaluru-based startup, which is now valued at $7.5 billion, was previously considered as just an average idea that got rejected by 100 banks.

Vanya GautamUpdated: Mar 08, 2024, 11:51 IST
2 min read
How This Startup Overcame 100 Rejections By Banks & Is Now Valued At $7 Billion
techcrunch

For Harshil Mathur, a nine-to-six corporate job was always boring, as he loves taking on a new challenge everyday. That is what led the IIT-Roorkee graduate to launch Razorpay in 2014, along with fellow Roorkee alumni Shashank Kumar. The Bengaluru-based startup, which is now valued at $7.5 billion, was previously considered as just an average idea that got rejected by 100 banks.

Rejected By 100 Banks, This Startup Is Now Valued At $7 Billion

razorpay rejected by 100 banks razorpay rejected by 100 banks /techcrunch

Razorpay is a full-stack converged payments solutions provider with the goal of revolutionizing online payments through hassle-free integration and clear, developer-friendly APIs. The startup Razorpay provides companies with all-inclusive, cutting-edge solutions that span the whole payment journey, all based on reliable technology.

IITian Harshil encountered distinct obstacles during his journey because of his unique approach to the industry. ¡°The question was not, 'how many players are there?'¡± he says. ¡°The question is, 'are they solving the need in the market?'¡±

The Idea Behind Launching The Fintech Startup In 2014

In the years 2012¨C2013, Harshil came to the realization that the fintech industry's payments segment was dominated by enterprises. This indicates that there was little available for startups and that the only big businesses receiving payment solutions were hotel chains and airlines. Thus, taking a tech-first stance, Harshil and co-founder Shashank made the decision to give startups top priority in order to meet the numerous payment requirements of this rapidly developing Indian market, as per YourStory report.

razorpay founders economictimes

Also Read: Why Apple & Google CEOs Fight To Hire & Retain Two IITians

First Startup To Offer Fully Digital On-Boarding

For example, they were the first to offer businesses a fully digital on-boarding process at a time when paper-based, laborious KYC was still the standard. Being an early adopter of the Unified Payments Interface (UPI), Razorpay asserts that it was the first to introduce recurring payments for businesses via Razorpay Route, as well as the first to launch support for Bharath QR and UPI as a payment gateway.

The company's brain has remained steady because of perseverance, despite obstacles and repeated rejections. Prior to launching Razorpay, both rookies Harshil and Shashank were navigating the corporate world. Shashank was hired by Microsoft, while the former was employed by Schlumberger, a US-based provider of oilfield services.

When They Overcame Rejection By 100 Banks

Hackers Stole ?7.38 Crore From Payment Gateway Firm Razorpay: Here TechStory

Almost all of the 100 banks that the two visited and the twenty to thirty banks that they submitted their proposal to rejected them. That is, until a prominent private bank's senior banker noticed their potential. According to Harshil, this banker was relatively young, had graduated from XLRI, and had experience with the startup process. He worked for a private sector bank. He made the decision to "take a bet on us," and the rest is history as they say.

Over the years, Salesforce Ventures, GIC,Ribbit Capital, Tiger Global Management, Mastercard and Lone Pine Capital have ben among Razorpay¡¯s investors.

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here

21/11/2024 21:40:55
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