Harshil Mathur: The Visionary Entrepreneur Behind Razorpay's Fintech Revolution

Introduction

Harshil Mathur, co-founder and CEO of Razorpay, is a name that has become synonymous with India's fintech revolution. Razorpay has transformed the landscape of digital payments in India, enabling businesses to accept, process, and disburse payments with ease. Mathur's journey from a small-town boy to a pioneer in fintech is a compelling story of grit, perseverance, and unwavering vision. This article delves deep into the life, struggles, and achievements of Harshil Mathur, highlighting his contribution to the Indian startup ecosystem.

Early Life and Education

Harshil Mathur was born in a modest family in Jaipur, Rajasthan. Raised in a family that valued education, Mathur displayed an early interest in technology and innovation. However, his initial aspirations weren’t directly linked to entrepreneurship. His academic prowess led him to pursue a degree in Metallurgical Engineering at the prestigious Indian Institute of Technology (IIT) Roorkee.

While at IIT Roorkee, Mathur was immersed in the world of technology. Despite being from a non-computer science background, his interest in coding and software development grew stronger. IIT Roorkee, with its vibrant entrepreneurial culture, acted as a catalyst for his future endeavors. During his time at the institute, Mathur met Shashank Kumar, who would later become his co-founder at Razorpay.

Mathur graduated from IIT Roorkee in 2013, equipped with the technical skills and a desire to make a mark in the world of technology.

Early Career and the Birth of Razorpay

After graduation, Harshil Mathur joined Schlumberger, an oilfield services company, as a field engineer. It was a high-paying job that involved traveling to various remote locations. However, despite the lucrative salary, Mathur soon realized that this career path did not align with his aspirations. His true passion lay in technology and solving real-world problems through innovation.

Around the same time, India’s startup ecosystem was gaining momentum, and Mathur was fascinated by the potential of the digital economy. He observed a gap in India’s payment system, which was still highly fragmented and complex. Small businesses and startups struggled with online payments, as there were limited options for seamless payment gateways.

It was during his stint at Schlumberger that Mathur began ideating about a startup that would simplify online payments for businesses. In 2014, he quit his job and, along with his IIT Roorkee batchmate Shashank Kumar, started Razorpay.

The Razorpay Story: Challenges and Breakthroughs

Razorpay was founded in 2014 with the vision of creating a seamless and user-friendly online payment platform for Indian businesses. The early days were far from easy. Unlike today’s startup ecosystem, where fintech is a hot sector, back in 2014, raising funds for a fintech startup was an uphill battle. Payments, considered a highly regulated industry, made it difficult for Razorpay to secure banking partnerships and regulatory approvals.

Mathur and Kumar faced rejection after rejection from banks, who were reluctant to work with a small startup with no prior experience in the financial sector. However, their determination did not waver. They started working out of a small apartment in Jaipur, coding day and night, trying to perfect their product.

One of the biggest challenges for Razorpay was to build trust. Indian businesses were wary of adopting new payment gateways, and it was tough to convince them to shift from traditional banking systems to Razorpay. Mathur and his team adopted a customer-centric approach, offering personalized services and going the extra mile to ensure that businesses had a smooth experience.

The turning point for Razorpay came in 2015 when the company was accepted into Y Combinator, a renowned startup accelerator based in Silicon Valley. Being part of Y Combinator gave Razorpay the validation it needed, as well as access to mentorship, resources, and an initial seed funding of $120,000. With Y Combinator’s backing, Mathur and Kumar were able to attract the attention of investors and the media.

Scaling and Diversification

With initial funding secured and the product gaining traction, Razorpay began to grow rapidly. The startup’s simplicity, efficiency, and focus on small and medium-sized businesses set it apart from other payment gateways in the market. Over the next few years, Razorpay scaled its operations, building partnerships with major banks and expanding its product offerings.

One of Razorpay’s key strengths has been its ability to continuously innovate and stay ahead of the curve. Recognizing the evolving needs of businesses, Mathur led the diversification of Razorpay’s services. In addition to its core payment gateway, Razorpay launched RazorpayX (a platform for banking services) and Razorpay Capital (providing loans to small businesses). These additions made Razorpay a comprehensive financial platform for businesses, enabling them to manage all their financial needs in one place.

Under Mathur’s leadership, Razorpay introduced several cutting-edge features, such as automated payment disbursements, subscription billing, and instant refunds. The company also expanded into new sectors, including e-commerce, education, healthcare, and SaaS, further cementing its position in the fintech space.

Leadership Style and Vision

Harshil Mathur is known for his pragmatic and visionary leadership style. He has often spoken about the importance of building products that solve real problems rather than chasing trends. Mathur’s approach to leadership is rooted in empathy and collaboration. He believes in empowering his team, fostering a culture of innovation, and encouraging risk-taking.

One of the cornerstones of Razorpay’s success is its customer-centric philosophy. Mathur emphasizes the need to listen to customer feedback and iterate products accordingly. This approach has helped Razorpay build strong relationships with its clients and become the go-to payment solution for businesses across India.

Mathur is also a strong advocate for financial inclusion. He has been vocal about the need for technology to bridge the gap between urban and rural India, enabling small businesses in Tier 2 and Tier 3 cities to participate in the digital economy. His long-term vision is to create a robust financial infrastructure that empowers millions of businesses across the country.

Accolades and Recognition

Razorpay’s success has not gone unnoticed. Under Mathur’s leadership, the company has grown exponentially, processing billions of dollars in transactions annually. The startup has attracted investments from leading venture capital firms, including Tiger Global, Sequoia Capital, and Ribbit Capital, raising over $750 million in funding.

In 2021, Razorpay achieved unicorn status, becoming one of the few fintech companies in India to do so. The company has been consistently recognized as one of India’s fastest-growing startups and has won numerous awards for innovation, customer satisfaction, and operational excellence.

Mathur himself has been featured in several prestigious lists, including Forbes 30 Under 30 and The Economic Times 40 Under 40. His contributions to the fintech industry have earned him a reputation as one of India’s most influential entrepreneurs.

Personal Life and Interests

Despite his professional success, Harshil Mathur remains grounded and humble. He has spoken about the importance of maintaining work-life balance and staying connected to one’s roots. Mathur is an avid reader and enjoys learning about emerging technologies and global trends.

He is also passionate about mentoring young entrepreneurs and actively participates in startup events and conferences. Mathur’s journey is a source of inspiration for aspiring founders, and he often shares his insights on building sustainable businesses and overcoming challenges in the startup world.

The information provided in this article is based on publicly available sources and research. While every effort has been made to ensure the accuracy of the content, the author and publisher do not take responsibility for any discrepancies or factual errors. This article is for informational purposes only and should not be considered as financial, business, or professional advice. Readers are encouraged to conduct their own research or consult with a professional before making any decisions based on the information provided.