“We are growing at 450% year-on-year and we should be market leaders in 15 months,” says Harshil Mathur, the 28-year-old CEO and co-founder of payment gateway Razorpay* Software Pvt Ltd. The fast-talking, straight-faced founder makes two eye-popping claims—about its projected growth and its market leader dreams—right there.
For a five-year-old startup in any sector, annual growth of 450% would be considered extraordinary. But payments is a bit of an anomaly. Over a billion transactions happen a day in India, and they have seen blazing growth. Almost 70% year-on-year. And the transaction turnover is expected to contribute nearly 15% of GDP by 2021, from the current 10%, according to the RBI’s latest vision document for payments.