Harshil Mathur Success Story- How he Founded Razorpay

Manav Makhija Manav Makhija
Dec 16, 2021 6 min read
Harshil Mathur Success Story- How he Founded Razorpay

As India's digital environment grows and develops, so does market rivalry, with a growing number of entrepreneurs prepared to take a chance on something off the usual path. The emergence of technology, with all of its benefits, has opened up a world of possibilities and chances for a wide range of industries, providing the foundation for the contemporary world's advancement. The internet payment business is one such industry.

We've come a long way from the days when sending money was a complicated and time-consuming operation. Because of the plethora of platforms that have been seeking to set up simple and secure online money transfer services, the operation may now be completed with a single sweep of our fingertips.

One of the first names that come to mind when we think of such platforms is Razorpay, a payment gateway platform that provides a safe and secure payment system to all customers in India. And the amazing young man behind this unicorn startup is less recognized but has huge contributions to the sector. He is Harshil Mathur. Know more about the co-founder of Razorpay.

Name Harshil Mathur
Occupation Entrepreneur
Founded Razorpay
Education Bachelor of Technology (B.Tech.) from IIT Roorkee
Occupation CEO of Razorpay
Known for Co-founder of Razorpay

About Harshil Mathur
Harshil Mathur - Education
Harshil Mathur - Startup Journey
Harshil Mathur - Idea behind Razorpay
Harshil Mathur - Thriving during Covid-19
Harshil Mathur - Investments
Harshil Mathur - FAQ

About Harshil Mathur

Harshil Mathur, the CEO of Razorpay, is an Indian businessman, author, and entrepreneur. In the fintech field, he has brought his company to the peak of success. Mathur offers advice to people who want to succeed in business and want to understand his methods. He doesn't keep things hidden; instead, he freely discloses his method for reaching business objectives. That’s the spirit he works with.

Harshil considers a 9-to-6 corporate job to be his Achilles heel. Every day is a new struggle for him. It may seem like an entrepreneur's clichΓ©, but the urge to be pushed, to be on his toes every day addressing a new problem, is what keeps him going and that is also why he decided to go out on his own in the first place.

Mathur had over 100 rejections from investors before finding a corporation prepared to take a chance on his business concepts. He believed he had a great concept for a full-stack integrated payments solution firm that would change the industry, but he needed venture financing to get it off the ground. He didn't give up, and after more than 100 rejections, he was able to secure the funding he needed to establish his new business.

Harshil Mathur - Education

From 1997 through 2009, Mathur attended Seedling Public School. He earned his bachelor's degree with a prime focus on mathematics in 2009. He took part in Exnora Academics when he was there. He enrolled at the Indian Institute of Technology Roorkee's Technology department in 2009. He majored in software engineering. He was associated with SDSLabs, the Hobbies Club, and ASME while he was completing his graduation.

In 2013, he received his BTech degree from his college after completing his studies. In 2015, he was a part of the YCombinator W15 Batch, where he was mentored by Paul Buchheit and Dalton Caldwell.

Y Combinator W15 Batch
Y Combinator W15 Batch

Harshil Mathur - Startup Journey

In June of 2014, he began working for Schlumberger as a Wireline Field Engineer. He worked in Mumbai for nine months before departing in February 2014. He resigned after less than a year on the job to seek other business opportunities.

He started working on Razorpay right away and created the company, which consumed all of his time and attention. He teamed up with Shashank Kumar, his college friend, to create a payment gateway for small companies having trouble processing internet purchases.

Shashank Kumar
Shashank Kumar

Their fintech business, Razorpay, now processes more than a third of all online payments in India and accepts payments from more than 50 banks and credit card providers.

Even while the epidemic raged, Razorpay earned unicorn status in October when it secured $100 million in a funding round sponsored by Singapore's sovereign wealth fund GIC, valuing the company at $1 billion. GIC co-led another round for $160 million in mid-April, when India was dealing with the second wave of Covid-19 infections, bringing Razorpay's worth to $3 billion.

Harshil Mathur - Idea behind Razorpay

According to Harshil, it was critical to discover a market that is underserved, understand the issues that this market encounters, and strive to create a comprehensive solution that is easy to implement. This is what Razorpay performed in a congested payments industry. The firm saw that the incumbent players were mainly interested in digitised transactions and payments for larger vendors.

The role of the smaller merchants was undervalued. Harshil and his partner decided to create something that would allow this large audience to take payments online as quickly and easily as feasible. They then identified the obstacles in completing this task and attempted to create a system that would remove these impediments.

They added many other features throughout time, but the idea of growth remained the same. This is shown in their success, as existing customers continue to use Razorpay and new customers sign up because they appreciate what Razorpay offers.

Harshil Mathur - Thriving during Covid-19

"Our development is dependent on the businesses we serveβ€”if they expand, we grow," Mathur Said. As a result, we turned our attention to industries with less physical contact that were predicted to thrive as a result of the Covid-19-induced lockdown."

Razorpay centred its focus on client acquisition on e-commerce, gaming, B2B firms that assist enterprises to digitise, and online education. Small businesses, such as grocery stores, schools, and offline merchants, who had never utilised internet payments before and wanted to digitise transactions, were also seen as a big commercial opportunity by the corporation.

"Not only did this help us obtain a huge number of customers, but it also helped us develop alongside these industries after the lockdown limitations were lifted," Mathur added.

Harshil Mathur - Investments

Date Organization Name Funding Round Money Raised Lead Investor
Nov 16, 2021 Toplyne Seed Round $2.5M -
Jul 14, 2021 OneCode Seed Round $5M -
Feb 8, 2021 Newton School Series A $5M -
Feb 8, 2021 GlobalFair Seed Round $2M -
Jan 19, 2021 Volopay Seed Round $2.1M -
Dec 15, 2020 Hashnode Seed Round $2.1M -
Jan 14, 2020 Farmley Seed Round $2M -

Mathur has made a number of significant investments outside of Razorpay. He has given a substantial quantity of money to help other business owners. All that could be identified is that he has invested an unknown sum in a seed round to Farmley in 2020.

Following that, $2.1 million was invested in Hashnode's seed round, $2.1 million was invested in Volopay in January 2021, $2 million was invested in GlobalFair in February 2021, and $5 million was invested in Newton School in February 2021 for a round of Series A funding.

He understands how tough securing the initial round of seed capital can be, and he assists other fledgling businesses in getting off the ground.


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Conclusion

Mathur and his partner have won many awards for their Razorpay startup's incredible success despite the odds. Fintech, he says, is the strongest sector in India right now. Hence he knows that his startup is on the right path and will continue to grow in many ways.

Harshil Mathur - FAQ

Who is Harshil Mathur?

Harshil Mathur is an Indian entreprenur, author and the co-founder and the CEO of Razorpay.

What is the education qualification of Harshil Mathur?

He studied Bachelor of Technology (B.Tech.) from IIT Roorkee from 2009 to 2013.

When did Harshil Mathur founded Razorpay?

Harshil Mathur co-founded Razorpay in 2014.

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