Business Today spotlights Razorpay and India’s new generation of tech-led founders
Business Today’s “The New Billionaires” issue examines founders including Razorpay’s Harshil Mathur, linking India’s startup creation surge to UPI, Aadhaar, low-cost data and venture funding across fintech, consumer tech, edtech, mobility and SaaS.
What happened
Business Today’s “The New Billionaires” issue profiles India’s technology-led founders, including Razorpay’s Harshil Mathur, and examines how UPI, Aadhaar,
Key facts
- billion-dollar companies
Why this matters
Razorpay’s position among India’s high-profile digital infrastructure beneficiaries may make it an increasingly relevant partner or ecosystem target for firms seeking payments, merchant-acquisition and embedded-finance capabilities.
What to watch
- Razorpay payment-volume growth, merchant additions and adoption of lending, payroll or banking-adjacent products.
- UPI transaction growth, changes to MDR or interchange economics, and any new monetization rules for payment aggregators.
- RBI licensing, KYC, data-localization, digital-lending and fraud-control actions affecting payment fintechs.
- Funding rounds, IPO preparation or M&A involving Indian payment, merchant SaaS and embedded-finance companies.
- Growth in D2C merchant defaults, chargebacks or fraud losses, which would test transaction-data-based underwriting.
- Major commerce platforms or banks bundling low-cost payment acceptance with merchant credit and operational software.
- Expand merchant offerings from payment acceptance into embedded credit, supplier payments, reconciliation, loyalty and fraud prevention.
- Target UPI-heavy small businesses and D2C sellers with sector-specific checkout, subscription and payout products.
- Use payment data to build underwriting models for inventory financing and short-duration working-capital products.
- Pursue partnerships with commerce software, marketplaces, logistics providers and banks to own more of the merchant operating stack.
- Invest in compliance, cyber resilience and fraud controls as payment volumes and regulatory scrutiny scale.