Fintech unicorn Razorpay has introduced a new product, the MoneySaver Export Account, aimed at Indian exporters. The account allows exporters to open a ‘smart account’ in any country of their choice and receive payments locally via bank transfers on the Razorpay platform. The account setup and access can be easily managed through the Razorpay dashboard, eliminating the need for additional paperwork.
Razorpay- Simplifying Money Movement for Indian Exporters
Rahul Kothari, Chief Business Officer of Razorpay, stated that the Indian export landscape is expected to exceed $1.6 trillion, representing approximately 48% of the country’s nominal GDP of $3.4 trillion. Given the increasing trade-to-GDP ratio, Razorpay recognized the need to ease the challenges faced by exporters when it comes to money movement. The MoneySaver Export Account aims to streamline international bank transfers for exporters without the hassle of maintaining multiple accounts in different countries.
Razorpay- Ambitious Growth Plans
Currently, more than 10,000 exporters use MoneySaver export accounts. Razorpay has ambitious plans to scale the product. They aim to cater to over 1-2 lakh businesses by the end of 2025. The fintech unicorn believes that the market demands a solution. The solution should simplify international transactions. To meet this growing need, they launched the MoneySaver Export Account.
Expanding International Payment Offerings
Razorpay introduced the MoneySaver Export Account. It is expected to significantly contribute to their international payments product suite. They project it will account for more than 20% of the company’s overall payments revenue by 2025. This move aligns with Razorpay’s efforts to expand its presence in international markets. They previously launched their first international payment gateway with Curlec, now known as ‘Curlec By Razorpay,’ in the Malaysian market.
Strong Financial Performance and Profitability
Despite the challenges posed by the pandemic, Razorpay’s standalone net profit widened by 20% to INR 7.3 crore in the financial year 2021-22 (FY22), compared to INR 6.1 crore in FY21. The fintech unicorn’s revenue from operations also surged by an impressive 76% to INR 1,481 crore from INR 841.2 crore in FY21. This financial performance places startup among the few Indian unicorns in the fintech sector that have achieved profitability.
