Harshil Mathur: The Success Story of Fintech Giant Razorpay

Who is  Harshil Mathur ? 

Harshil Mathur is a prominent Indian entrepreneur and the co-founder and CEO of Razorpay, a leading fintech company revolutionizing digital payments in India. Born and raised in Jaipur, Rajasthan, Harshil’s fascination with technology began at an early age. He pursued his Bachelor of Technology (B.Tech.) in Metallurgical Engineering from the Indian Institute of Technology (IIT) Roorkee, graduating in 2013.

Harshil Mathur Education

• Harshil Mathur pursued his Bachelor of Technology (B.Tech.) in Metallurgical Engineering from the Indian Institute of Technology (IIT) Roorkee, graduating in 2013. During his time at IIT Roorkee, he actively participated in various clubs and organizations, such as the Software Development Section, SDSLabs, and the American Society of Mechanical Engineers (ASME), which helped him build a strong foundation in technology and problem-solving.
• Before founding Razorpay, Harshil briefly worked as a Wireline Field Engineer at Schlumberger in Mumbai, gaining practical engineering experience. He also attended the Winter 2015 batch of Y Combinator, where he received mentorship from industry leaders. His educational and professional journey laid the groundwork for his entrepreneurial success.

Harshil Mathur Family Life

• He is married and his wife has supported him throughout his career. Harshil has often mentioned how his family provided encouragement and understanding, especially during the challenging early days of Razorpay. When Harshil and his co-founder Shashank Kumar decided to quit their well-paying jobs to start Razorpay, their families were initially concerned about the risks involved. However, their belief in Harshil’s vision and determination eventually helped him navigate the uncertainties of entrepreneurship.

Harshil Mathur Startup Story

• Harshil Mathur’s entrepreneurial journey serves as a beacon of inspiration for aspiring entrepreneurs, particularly in the fintech sector. He is best known as the co-founder and CEO of Razorpay, one of India’s leading fintech companies that has transformed digital payment systems for businesses across the nation.
• Born and raised in India, Harshil pursued his education at the prestigious Indian Institute of Technology (IIT), Roorkee, where he completed a degree in Metallurgical Engineering in 2013. Though his field of study was unrelated to fintech, Harshil’s time at IIT shaped his problem-solving abilities and entrepreneurial mindset. After graduation, he began his career as a Wireline Field Engineer at Schlumberger, a global oilfield services company. However, it didn’t take long for Harshil to realize that his true calling lay in creating solutions to pressing real-world problems, particularly in the technology and financial domains.

Harshil Mathur -Idea Behind Razorpay

• The genesis of Razorpay occurred when Harshil, along with his friend and co-founder Shashank Kumar, encountered the challenges of setting up online payment gateways for businesses. At the time, digital payment systems in India were complicated and fragmented, posing significant hurdles for small and medium-sized businesses. Recognizing this gap, the duo decided to build a seamless and user-friendly payment platform that could cater to the needs of Indian businesses.
• In 2014, Harshil and Shashank started Razorpay as a part of the Y Combinator startup accelerator program. Their vision was to simplify online payments by offering a secure, scalable, and easy-to-integrate payment gateway. However, the journey was far from easy. The initial years were filled with challenges, including over 100 rejections from investors. Many doubted the viability of their idea in a market dominated by established players. Despite these setbacks, Harshil’s determination and perseverance kept him going.
• Razorpay’s turning point came when it secured seed funding from Y Combinator and other investors who believed in the potential of their idea. Over time, Razorpay expanded its offerings beyond payment gateways, venturing into new areas such as subscription billing, payment links, and neo-banking solutions. The company has since grown to become a market leader, serving over 8 million businesses, including prominent names like Zomato, Swiggy, and Cred.
• Under Harshil’s leadership, Razorpay has achieved remarkable milestones, including becoming a unicorn—a startup valued at over $1 billion—in 2020. His leadership style is characterized by a focus on innovation, customer-centricity, and fostering a collaborative workplace culture. Harshil has often credited his team and co-founder for the company’s success, emphasizing the importance of trust and shared vision in building a successful business.

 Harshil Mathur Thriving during Covid 19

• During the COVID-19 pandemic, Harshil Mathur, the co-founder and CEO of Razorpay, demonstrated remarkable leadership and adaptability. The pandemic posed significant challenges for businesses worldwide, but it also accelerated the adoption of digital payment solutions. Harshil and his team at Razorpay seized this opportunity to support businesses in transitioning to digital platforms.
• One of the key strategies employed by Razorpay during this period was the expansion of its product offerings. The company introduced innovative solutions like RazorpayX, a neo-banking platform, and Razorpay Capital, which provides working capital loans to businesses. These initiatives were crucial in helping small and medium-sized enterprises (SMEs) navigate the financial uncertainties brought about by the pandemic.
• Harshil also emphasized the importance of collaboration and customer-centricity. Razorpay worked closely with businesses to understand their unique challenges and provided tailored solutions to meet their needs. This approach not only strengthened Razorpay’s position in the market but also fostered trust and loyalty among its customers.
• The pandemic highlighted the growing importance of digital payments, and Harshil’s vision and leadership ensured that Razorpay was well-positioned to thrive in this new landscape. His efforts contributed to the company’s continued growth and its role in supporting India’s digital economy during a critical time.

Harshil Mathur Investments

 Harshil Mathur -Awards and Recognitions

Harshil Mathur, the co-founder and CEO of Razorpay, has received several prestigious awards and recognitions for his contributions to the fintech industry. Here are some notable highlights:

• IBT’s Top 20 CEOs of 2024: Harshil was named one of the top 20 CEOs by the International Business Times in 2024, recognizing his visionary leadership and impact on the fintech sector.
• ET Startup Awards 2022: Razorpay, under Harshil’s leadership, won the “Startup of the Year” award at the Economic Times Startup Awards 2022.

These accolades reflect Harshil’s dedication to innovation and his role in transforming India’s digital payments ecosystem.

What does RazorPay do?

Razorpay is a leading fintech company in India that provides a comprehensive suite of payment and banking solutions for businesses. Here’s an overview of what Razorpay does:

Core Services

1. Payment Gateway: Razorpay offers a seamless payment gateway for businesses to accept payments online through various modes like credit cards, debit cards, UPI, and net banking.
2. RazorpayX: A neo-banking platform that helps businesses manage their finances, including payroll, vendor payments, and tax payments.
3. Razorpay Capital: Provides working capital loans to businesses to help them grow and manage cash flow.
4. Payment Links and Pages: Enables businesses to create and share payment links or set up branded payment pages without coding.
5. Subscription Billing: Helps businesses manage recurring payments efficiently.
6. POS Solutions: Offers offline payment solutions for in-store and on-delivery transactions.

Acquisitions by Razorpay

Razorpay has made several strategic acquisitions to expand its offerings and strengthen its position in the fintech ecosystem:

1. Ezetap: Acquired in August 2022, Ezetap is a leading offline POS company that simplifies in-person payments. This acquisition marked Razorpay’s entry into offline payments.
2. PoshVine: Acquired in September 2022, PoshVine specializes in loyalty and rewards management solutions, enabling banks and merchants to enhance customer engagement.
3. Thirdwatch: Acquired in 2019, Thirdwatch is an AI-driven platform that helps businesses prevent fraud in e-commerce transactions.
4. Opfin: Acquired in 2019, Opfin is a payroll and HR management platform that integrates with RazorpayX.
5. Curlec: Acquired in 2022, Curlec is a Malaysian fintech company that focuses on recurring payments and subscription billing.

These acquisitions reflect Razorpay’s commitment to building a robust financial ecosystem for businesses.

Success Lessons to Learn from Harshil Mathur

Harshil Mathur, the co-founder and CEO of Razorpay, has an inspiring journey filled with valuable lessons for aspiring entrepreneurs. Here are some key takeaways from his success story:

1. Perseverance Pays Off: Harshil faced over 100 rejections from investors before securing funding for Razorpay. His determination to bring his vision to life is a testament to the power of persistence.
2. Identify a Gap and Innovate: Razorpay was born out of the need for a seamless and secure payment gateway in India. Harshil’s ability to identify this gap and create a solution highlights the importance of innovation.
3. Adaptability and Resilience: During the COVID-19 pandemic, Razorpay thrived by adapting to the changing needs of businesses, showcasing the importance of flexibility in challenging times.
4. Teamwork and Collaboration: Harshil partnered with his college friend Shashank Kumar to co-found Razorpay. Their collaboration underscores the value of building a strong team.
5. Continuous Learning: Harshil’s educational background in technology from IIT Roorkee and his participation in programs like YCombinator reflect his commitment to learning and growth.
6. Customer-Centric Approach: Razorpay’s success lies in its user-friendly platform, which caters to the needs of businesses of all sizes. This emphasizes the importance of understanding and prioritizing customer needs.

Harshil’s journey is a reminder that success often comes from resilience, innovation, and a relentless pursuit of one’s goals. Which of these lessons resonates with you the most?

Challenges for RazorPay

Razorpay, despite its success, faces several challenges in the competitive and dynamic fintech landscape. Here are some of the key hurdles:

1. Regulatory Compliance: Operating in the fintech sector means navigating complex and evolving regulations. Razorpay must ensure compliance with guidelines from the Reserve Bank of India (RBI) and other regulatory bodies, which can be resource-intensive.
2. Thin Margins in Payment Aggregation: Payment aggregators often operate on thin margins, especially with the dominance of UPI (Unified Payments Interface) transactions in India. For instance, UPI transactions under ₹2,000 do not incur Merchant Discount Rates (MDR), impacting revenue.
3. Intense Competition: Razorpay competes with established players like PayU, PhonePe, and Google Pay, as well as emerging startups. This competition requires constant innovation and differentiation.
4. Cybersecurity Threats: As a digital payment platform, Razorpay must continuously invest in robust security measures to protect against cyber threats and ensure customer trust.
5. Integration Challenges: Businesses integrating Razorpay into their systems may face technical issues, such as transaction errors or compatibility problems, which can affect user experience.
6. Building Trust Among Users: Establishing and maintaining trust is crucial in the fintech industry, especially for a platform handling sensitive financial data.
7. Scaling Operations: As Razorpay expands its offerings and customer base, scaling operations efficiently while maintaining service quality is a significant challenge.

Despite these challenges, Razorpay’s innovative approach and strong leadership have enabled it to address

What’s Happening at Razorpay ?

• Razorpay’s Domicile Shift: Razorpay is planning to shift its legal domicile from the US to India as it prepares for a public listing in the country. Harshil Mathur and Shashank Kumar, the co-founders, emphasized that this move aligns with Razorpay’s strong presence in the Indian market.
• Ex-Razorpay Executive’s New Role: Johney Maheshwari, a former associate director at Razorpay, has joined Times Internet to lead its mergers and acquisitions and investment initiatives.
• Industry Dynamics: Razorpay, along with other fintech platforms like PhonePe and Paytm, has discontinued integrations with Juspay, a payment orchestration platform.
• These developments highlight Razorpay’s strategic moves and Harshil Mathur’s leadership in navigating the fintech landscape.

Harshil Mathur Networth

Based on the latest information, Harshil Mathur’s net worth is estimated to be around ₹8,700 crores as of 2025. This wealth primarily comes from his significant ownership in Razorpay and his investments in other startups, particularly in the fintech and technology sectors

Some Unknown Facts about Harshil Mathur

• Harshil Mathur has a fascinating connection with karate. He started practicing karate in the third grade, encouraged by his father, and went on to achieve a black belt. His passion for the sport taught him discipline, patience, and resilience—qualities that have undoubtedly contributed to his entrepreneurial success. Harshil even won a silver medal at the national level, showcasing his dedication and competitive spirit.
• Karate also helped him develop confidence and the ability to stay calm under pressure, which are essential traits for navigating the challenges of entrepreneurship. It’s inspiring to see how his hobby shaped his personal and professional growth

Conclusion

• Harshil Mathur’s entrepreneurial journey offers a treasure trove of lessons that resonate not only with aspiring entrepreneurs but also with anyone navigating challenges in their personal or professional life. His story exemplifies the immense power of vision, resilience, and innovation. From the initial struggles of securing funding to transforming Razorpay into one of India’s leading fintech companies, Harshil’s narrative is a testament to the value of perseverance.
• Furthermore, Harshil’s commitment to lifelong learning and his customer-centric approach stand out as cornerstones of Razorpay’s sustained growth. His focus on understanding the needs of businesses of all sizes and providing user-friendly solutions has created immense value for customers, fostering loyalty and trust.
• Ultimately, Harshil Mathur’s story inspires individuals to dream big, stay resilient, and embrace continuous growth. His journey reminds us that success is rarely a linear path; it is often marked by setbacks, but with determination and a clear vision, these challenges can be stepping stones to greatness. For anyone seeking motivation, Harshil’s life offers a powerful lesson: with relentless dedication and a customer-first mindset, extraordinary achievements are within reach. His success serves as a beacon for those striving to make their mark, encouraging them to rise above obstacles and turn their aspirations into reality.