From ZERO to ₹10,000 Cr: Razorpay’s Untold Story | Harshil Mathur | SparX
Apr 26, 2025
auto_awesome
Harshil Mathur, co-founder of Razorpay and a key figure in India's fintech revolution, shares his inspiring journey from coding at IIT Roorkee to transforming digital payments. He discusses the early challenges of being young founders and the organic evolution of Razorpay from a side project. Harshil unpacks the complexities behind payment systems and the significance of UPI, as well as the regulatory landscape. Insights on balancing innovation with regulations and the future of biometric payments round out this enlightening conversation for aspiring entrepreneurs and fintech enthusiasts.
Razorpay's journey underscores the importance of prioritizing innovation over valuations to maintain focus on core missions and brand promises.
Integrating AI into all aspects of the organization is essential for enhancing productivity and ensuring competitiveness in the fintech landscape.
A supportive regulatory environment and a culture of innovation are crucial for startups to thrive in India's evolving digital payments ecosystem.
Deep dives
The Distraction of Unicorn Status
Achieving a unicorn status can bring significant public recognition and attention, but it can also serve as a distraction for companies. For some businesses, such as Razorpay, the focus remains on innovation rather than on the valuations that come with being labeled a unicorn. The rise in valuation from one billion to seven and a half billion within a year highlights the pressure and expectations that accompany such rapid growth. Companies must prioritize their core mission and brand promise, dedicating resources to innovation instead of being sidetracked by the accolades and limelight.
The Importance of Training and Integration of AI
To maintain competitiveness, businesses must embed AI into their organizational DNA rather than treating it as an added feature. This requires comprehensive training across all teams to ensure every member understands and implements AI in their roles. For instance, Razorpay has made substantial progress by incorporating AI into various functions, such as marketing and product development. This integration enables teams to improve productivity and innovate rapidly, reinforcing the notion that companies not adopting AI early may face significant disadvantages in the future.
Navigating the Digital Payments Landscape
The evolution of digital payments in India has been a complex journey, with various factors influencing adoption and usability. Historically, credit cards were not designed for online use, making transactions cumbersome, while innovations like UPI have transformed the payment landscape by providing a seamless user experience. With government support and the introduction of new regulations, the digital payments ecosystem continues to evolve rapidly, and the competition to provide the best service heightens. Ultimately, simplifying the payment process is essential for businesses to reduce friction and enhance the customer experience.
Ecosystem Support for Startups
The Indian fintech ecosystem has been increasingly supportive of startups, encouraging innovation while offering regulatory guidance and infrastructure for growth. Programs like the regulatory sandbox allow startups to test new ideas in a controlled environment, promoting creativity and reducing the risks associated with compliance. While navigating regulations can take a significant portion of a CEO's time, this engagement is crucial for preparing firms for the future and leveraging insights gained from regulatory consultations. A collaborative approach from regulators fosters a healthy environment where startups can thrive.
Building a Product-First Culture
Establishing a strong culture centered around innovation and product quality is vital for sustaining long-term success in tech companies. As businesses grow larger, maintaining the core values that drove their initial success becomes increasingly challenging. Engaging with customers regularly helps leaders ensure their offerings align with market needs while also giving employees a sense of ownership in the company's mission. By actively promoting a culture that prioritizes customer feedback and innovation, firms like Razorpay can adapt to changing market conditions and remain competitive.
What does it take to build one of India’s most important fintech companies from scratch?
In this candid and deeply insightful conversation, Razorpay co-founder Harshil Mathur walks us through his journey, from coding at IIT Roorkee and working on oil rigs at Schlumberger to co-creating Razorpay, a company that has redefined digital payments in India. We dive into the early struggles of being taken seriously as young founders, the organic evolution of Razorpay from a side project, and the philosophy behind choosing a B2B path when the world was chasing B2C valuations. Harshil also unpacks the real complexity behind payment systems, the rise of UPI, the regulatory ecosystem, and what the future of seamless, biometric-based payments looks like.
Whether you're a fintech enthusiast, aspiring founder, or just curious about how India's digital economy was built—this episode is packed with stories, strategies, and sharp insights.
About SparX by Mukesh BansalSparX is a podcast where we delve into cutting-edge scientific research, stories from impact-makers and tools for unlocking the secrets to human potential and growth. We believe that entrepreneurship, fitness and the science of productivity is at the forefront of the India Story; the country is at the cusp of greatness and at SparX, we wish to make these tools accessible for every generation of Indians to be able to make the most of the opportunities around us. In a new episode every Saturday, our host Mukesh Bansal (Founder of Myntra and Cult.fit) will talk to guests from all walks of life and also break down everything he's learnt about the science of impact over the course of his 20-year long career. This is the India Century, and we're enthusiastic to start this journey with you.Follow us on our Instagram: / sparxbymukeshbansal Also check out our website: https://www.sparxbymukeshbansal.com You can also listen to SparX on all audio platforms!Fasion | Outbreak | Courtesy EpidemicSound.com
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
