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February 15, 2021

Indian online payments firm Razorpay to hire an additional 650 employees

Razorpay, a freshly-minted Indian fintech unicorn, is set to hire another 650 employees across technology, product and business teams over the next ten months.

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The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
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  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
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The new positions will target freshers as well as also involve lateral hires.

Of the new roles, 350 will be for the engineering and product teams while the remainder will constitute the customer experience, sales and marketing teams.

At present, the firm has a workforce of 1,300 with more than 550 people hired in 2020.

The firm’s business growth is said to have tripled last year, which saw markets upended by the Covid-19 crisis.

Razorpay senior vice president of People Operations Chitbhanu Nagri said: “With the rising adoption of digital payments during COVID-19 and thousands of businesses going online for the first time, there’s a lot of scope for interesting innovations in business payments now, something that Razorpay employees have been actively working on.

“This story of innovation and disruption will continue and grow stronger in the next few months and hence our hiring plans are being driven by more investment in product development, customer experience and new additions to the existing product suite so that we cater to the ever-evolving payment and banking needs of SMEs & MSMEs.”

In October 2020, Razorpay secured $100m funding in its Series D financing round, thereby reaching the unicorn status.

The round was led by Singapore’s sovereign wealth fund GIC and current backer Sequoia India. They were joined by existing investors Ribbit Capital, Tiger Global, Y Combinator and Matrix Partners.

Razorpay’s client base of over five million businesses includes Facebook, Airtel, Ola, Zomato and Swiggy and other major brands. The goal is to increase the client base to ten million businesses by next year.

 

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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