Fintech unicorn Razorpay has announced the elevation of Rahul Kothari to the position of Chief Operating Officer for India and Malaysia as the company broadens its global presence, beginning with the Southeast Asia region. Kothari, formerly the Chief Business Officer (CBO), will now be responsible for guiding the company’s business strategies to achieve sustained and exponential revenue growth across all businesses and revenue lines in India and Malaysia, according to a statement from the firm.
In addition to his role in revenue growth, Kothari will focus on identifying new opportunities to enhance customer experience and enhance the efficiency and synergy of internal systems, processes, and business structures. He will also lead initiatives to strengthen partnerships with external stakeholders. CEO and Co-founder Harshil Mathur stated, “This appointment represents a pivotal moment in our journey, where innovation meets precision, and vision converges with execution. His deep expertise and relentless dedication will be the cornerstone of our mission to redefine the future of payments and financial technology on a global scale.”
With over 21 years of experience spanning the United States, Europe, Australia, and India, Kothari joined Razorpay in 2019 after a three-year tenure as CBO at PayU, where he played a pivotal role in making the payments business profitable. He has also held leadership positions at Symantec, WNS, and Boston Consulting Group.
Founded by Shashank Kumar and Harshil Mathur, Razorpay ventured into international markets last year through its majority stake acquisition of the Malaysian fintech firm Curlec. Last week, Razorpay announced the launch of its first international payment gateway for the Malaysian market in collaboration with Curlec. The company is now eyeing expansion into the Southeast Asian markets of Indonesia, Vietnam, and The Philippines.
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Razorpay secured $375 million in funding in December 2021, achieving a valuation of $7.5 billion. The Series F round was co-led by existing investors Lone Pine Capital, Alkeon Capital, TCV, Tiger Global, Sequoia Capital India, GIC, and Y Combinator. In FY22, Razorpay’s total revenue surged by 75% to Rs 1,485.7 crore from Rs 844.6 crore. The startup, which turned profitable on a standalone basis in FY21, reported a profit of Rs 7.3 crore, an 18% increase in FY22. However, it is yet to post profits on a consolidated basis.
