📍 New Delhi, March 12, 2025 — In the dynamic world of Indian fintech, few names stand as tall as Harshil Mathur. The co-founder and CEO of Razorpay has not only reimagined how digital payments function in India but has built a homegrown unicorn that empowers millions of businesses. From battling legacy payment systems to building one of the most trusted B2B fintech platforms in the country, Mathur’s journey exemplifies the entrepreneurial spirit fueling India’s digital economy.

A Problem-Solving Engineer from Jaipur

Harshil Mathur’s journey started in Jaipur, where he developed an early interest in technology and systems thinking. His passion led him to the Indian Institute of Technology (IIT) Roorkee, where he pursued a degree in Computer Science and Engineering. It was here that Mathur, alongside his classmate Shashank Kumar, began laying the groundwork for what would eventually become Razorpay.

After graduating, the duo recognized a glaring inefficiency in India’s payment infrastructure—setting up online payment gateways was complicated, bureaucratic, and largely inaccessible to smaller businesses. What followed was the birth of a bold idea to simplify the process and make digital payments frictionless for Indian enterprises.

Founding Razorpay: The Disruption Begins

In 2013, Razorpay was born with a mission to democratize online payments in India. At the time, integrating payment systems required businesses to navigate archaic paperwork and complex technical integrations—an ordeal for startups and SMEs. Razorpay sought to change that through a developer-friendly API and seamless onboarding, becoming one of the first Indian companies to be accepted into the prestigious Y Combinator accelerator.

By 2014, Razorpay had launched its first payment gateway product, allowing businesses of all sizes to accept digital payments quickly and securely. It became an instant hit in the startup community and soon gained traction across sectors, from e-commerce to education and logistics.

Expanding the Fintech Stack

While Razorpay’s core payment gateway garnered early success, Harshil Mathur’s vision extended beyond just enabling transactions. In 2017, the company introduced RazorpayX—a neo-banking platform designed to address the end-to-end banking needs of businesses.

RazorpayX allowed companies to open current accounts, disburse salaries, automate vendor payments, and even access credit—all within a unified digital dashboard. This strategic expansion transformed Razorpay into a full-stack financial platform, serving the growing demand for embedded finance in India’s digital-first economy.

The company also launched Razorpay Capital, offering short-term credit to businesses based on transaction data, and Razorpay Payroll to simplify HR and compliance for startups.

A Unicorn Built on Profitability and Purpose

In a sector known for burning capital in the race for user acquisition, Razorpay stood out by focusing on sustainable growth. In October 2020, Razorpay entered the unicorn club after raising $100 million in Series D funding, led by GIC, Sequoia Capital, and Ribbit Capital. It became the first Indian B2B fintech unicorn and reached a valuation of over $7.5 billion by late 2022.

Mathur’s leadership has been characterized by product-first thinking and a focus on execution. Even amid a funding winter and increased scrutiny of fintech regulations, Razorpay reported profitability in FY2023—an achievement few of its peers could match.

Fintech Innovation with National Impact

Razorpay today powers payments for over 10 million businesses, including giants like Swiggy, Zerodha, and IRCTC. It has processed transactions worth more than $150 billion annually and is actively involved in driving financial inclusion.

The company was among the early adopters of India’s Unified Payments Interface (UPI) and played a pivotal role in building merchant-level integrations during the demonetization phase in 2016. Razorpay has also been closely aligned with government initiatives like Digital India and Startup India, providing infrastructure to new-age businesses across Tier II and III cities.

Leadership, Culture, and Future Roadmap

Harshil Mathur’s leadership style is defined by humility, clarity of thought, and a deep-rooted belief in solving for Bharat—not just India’s urban elite. He has fostered a company culture that prioritizes innovation, trust, and agility.

Going forward, Razorpay is eyeing international expansion in Southeast Asia and the Middle East, while continuing to strengthen its suite of embedded financial products. RazorpayX and Razorpay Capital are expected to drive the next phase of growth, as Indian businesses demand more integrated, tech-driven financial solutions.

Conclusion

Harshil Mathur’s story is more than just a startup success—it’s a blueprint for purpose-led entrepreneurship in India’s digital age. Through Razorpay, he has not only addressed a critical pain point for Indian businesses but also built one of the most influential fintech platforms in Asia. As Razorpay continues to innovate and scale, Mathur’s leadership is shaping the future of financial services in one of the world’s fastest-growing digital economies.