Ecommerce in India is growing at an astonishing rate, and more businesses are being fueled by consumer demand, improving Internet connectivity as well as VC funders spending a lot of money on Indian Businesses.
Presently, a startup called Razorpay a part of the current Y Combinator class — is giving more new businesses and bigger tech organizations in the nation the capacity to make it simpler to integrate payments into their offers.
Razorpay, founded by IIT-Roorkee alumni Shashank Kumar and Harshil Mathur, is currently based out of the Startup Oasis, the jaipur-based technology and business incubator set up by Rajasthan Industrial Investment Corporation (RIICO) and IIM Ahmedabad's Centre for Innovation Incubation and Entrepreneurship (CIIE). Just earlier this year RazorPay received a funding of $120,000. The startup is the most recent Indian company to be backed by the American seed accelerator.
What makes Razorpay so good is the fact that it has a very simple user interface, thus making it easier for businesses that want to take payments for goods or services online. Using Razorpay’s APIs, a company can add payments with a few lines of code, and consumers can then pay using a credit card, a debit card or net-banking (online bank transfers, one popular payment option in India). What makes Razorpay special, however, is that it’s made by an Indian team and specifically for businesses that operate in India.
The guys at Razorpay found that existing US-based payment systems just didn't work for the businesses located in India, simply because the whole process of setting up a payment gateway involves so much paperwork in India as well as weeks or months of waiting, and having past operational records. This makes it very difficult for companies (especially startups) to accept online payments.