How Harshil Mathur Overcame 100 Bank Rejections To Build A Rs 63,000 Crore Startup
For Harshil Mathur, a nine-to-six corporate job was always dull, as he loves tackling new challenges every day. This drive led the IIT-Roorkee graduate to launch Razorpay in 2014, along with fellow alumni Shashank Kumar. The Bengaluru-based startup, now valued at $7.5 billion (approx Rs 63,000 crore), was once seen as an average idea and was rejected by 100 banks.
For Harshil Mathur, a nine-to-six corporate job was always dull, as he loves tackling new challenges every day. This drive led the IIT-Roorkee graduate to launch Razorpay in 2014, along with fellow alumni Shashank Kumar. The Bengaluru-based startup, now valued at $7.5 billion (approx Rs 63,000 crore), was once seen as an average idea and was rejected by 100 banks.
Razorpay is a comprehensive payment solutions provider aiming to revolutionise online payments with easy integration and developer-friendly APIs. It offers businesses innovative solutions covering the entire payment process, all built on reliable technology.
Harshil faced unique challenges due to his distinct 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?'¡±
How Harshil Mathur Overcame 100 Bank Rejections To Build a $7 Billion Startup | economictimes
The Idea Behind Launching the Fintech Startup in 2014
As per YourStory report, in 2012-2013, Harshil realised that the fintech industry¡¯s payments segment was dominated by large enterprises, leaving little for startups. Only big businesses like hotel chains and airlines received payment solutions. With a tech-first approach, Harshil and Shashank decided to prioritise startups to meet the diverse payment needs of India¡¯s rapidly growing market.
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First Startup to Offer Fully Digital Onboarding
Razorpay was the first to offer businesses a fully digital onboarding process, replacing the traditional paper-based KYC process. An early adopter of the Unified Payments Interface (UPI), Razorpay introduced recurring payments for businesses via Razorpay Route and was the first to support Bharat QR and UPI as a payment gateway.
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Overcoming Rejection by 100 Banks
Before launching Razorpay, both Harshil and Shashank were new to the corporate world¡ªShashank at Microsoft and Harshil at Schlumberger, a US-based oilfield services provider. They faced rejection from almost all of the 100 banks they approached until a senior banker from a prominent private bank saw their potential. This banker, a young XLRI graduate with startup experience, decided to "take a bet on us," and the rest is history.
How Harshil Mathur Overcame 100 Bank Rejections To Build a $7 Billion Startup | Forbes
Backed by Major Investors
Over the years, Razorpay has attracted investors like Salesforce Ventures, GIC, Ribbit Capital, Tiger Global Management, Mastercard, and Lone Pine Capital, contributing to its remarkable growth and success.
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