Harshil Mathur and Shashank Kumar, the founders of Razorpay, are two of India’s youngest billionaires, both just 33 years old. Today, their company is valued at ₹8,700 crore, and they’ve earned a spot on the Hurun Rich List of 2024. The journey to success was challenging, characterized by perseverance, resilience, and unwavering determination. This overview delves into their identity, the path they followed, and the challenges they surmounted to establish a company that now processes over 30% of India's online payment transactions.

A Humble Beginning: Harshil Mathur’s Early Life and Education

Harshil Mathur’s story starts in Jaipur, where he went to Seedling Public School.His deep interest in technology motivated him to obtain a Bachelor of Technology in Software Engineering from IIT Roorkee, graduating in 2009. During his tenure at IIT, Harshil actively participated in various clubs, including SDSLabs and the Hobbies Club, which enhanced his skills and fostered his entrepreneurial spirit.

After graduation, Harshil worked with Schlumberger in 2014, but his passion for entrepreneurship soon led him to leave that job and explore business ideas of his own. Little did he know, this decision would change his life forever.

The Birth of Razorpay: Turning a Dream Into Reality

The year 2015 proved to be a turning point in Harshil’s career when he joined the Y Combinator W15 batch. It was here that he met his co-founder, Shashank Kumar, and together, they refined their idea for Razorpay—a platform that would make online payments easier for businesses in India.

But the road wasn’t easy. They experienced rejection from more than 100 investors before ultimately securing the right partners who believed in their vision. This challenging phase could have easily derailed their progress, but they remained steadfast, refining their product and adhering to their mission. Their dedication yielded significant results as Razorpay rapidly gained traction, providing businesses with an efficient and trustworthy solution for accepting online payments through various methods, including credit cards, debit cards, UPI, and digital wallets.

Razorpay’s Meteoric Rise: From Idea to ₹7.5 Billion

Razorpay’s success has been nothing short of extraordinary. In just a few years, it grew from a small startup into one of India’s leading fintech companies, now valued at .5 billion (roughly ₹63,000 crore). The company’s platform made online payments accessible and efficient for businesses of all sizes, and its growth reflects the increasing demand for digital payment solutions in India.

Razorpay’s transaction fee, set at just 2-3%, has been another key factor in its rise, making it an attractive option for businesses across the country. By continually expanding its services and offering products that cater to the evolving needs of the market, Razorpay became an integral part of India’s digital economy.

Bengaluru: A Hub for Tech Entrepreneurs

Harshil and Shashank now reside in Bengaluru, which has become the tech hub of India. The city is home to some of the country’s top billionaires, including Wipro’s Azim Premji, and has attracted entrepreneurs, investors, and talent from across the globe. Razorpay’s growth is a testament to the opportunities Bengaluru offers to startups, and the city continues to play a crucial role in the success of India’s tech ecosystem.

The Razorpay Advantage: Simplifying Payments for Businesses

At its core, Razorpay is a payment gateway that allows businesses to accept online payments easily. It offers a wide range of payment methods, including credit cards, debit cards, UPI, and digital wallets, making it a versatile solution for any business looking to streamline its payment processes.

Razorpay has also partnered with several prominent Indian wallets like JioMoney, Mobikwik, Airtel Money, Freecharge, and PayZapp, further broadening its reach. The company generates revenue by charging a small transaction fee, which is a fraction of the cost compared to traditional payment processors, making it an appealing choice for businesses across the country.

From Rejection to Recognition: The Power of Perseverance

The success of Harshil and Shashank is proof that persistence can pay off. Despite facing numerous rejections and challenges, they stayed committed to their vision. Today, Razorpay stands as one of India’s most successful fintech companies, and Harshil and Shashank’s combined wealth of ₹8,700 crore is a testament to the power of perseverance, innovation, and a relentless pursuit of excellence.

The Road Ahead: What’s Next for Razorpay

As Razorpay continues to grow, Harshil and Shashank are focused on expanding their services to meet the changing needs of businesses in India. With the fintech sector constantly evolving, Razorpay aims to stay ahead of the curve by offering new features and solutions that cater to both small startups and large enterprises.

Their journey is far from over, and their story continues to inspire young entrepreneurs across India, showing them that with the right mix of determination and innovation, anything is possible.

Conclusion: An Inspirational Journey

Harshil Mathur and Shashank Kumar’s story is one of grit, determination, and innovation. From quitting their jobs to building one of India’s most successful startups, they’ve shown that no dream is too big to achieve. Razorpay’s journey is a shining example of how perseverance, belief in one’s vision, and the right support can lead to massive success. It’s a journey that continues to inspire and shape the future of India’s digital economy.