More than 300 Indian billionaires have been included in the Hurun India Rich List 2024 and among them are the founders of fintech firm Razorpay, one of the country’s youngest billionaires. Yes, Harshil Mathur and Shashank Kumar are friends and their jugalbandi did such a wonder that today both are among the richest people in India. The story of their reaching this height is very interesting…
Age 33 years, assets more than 8000 crores
Razorpay’s 33-year-old co-founders Harshil Mathur and Shashank Kumar have been included in the list of youngest Indian billionaires in the Hurun Rich List 2024. The IIT Roorkee alumni today have an estimated net worth of $1.03 billion or about Rs 8,700 crore. Harshil and Shashank met at IIT during their studies and became close friends. Their startup works as payment aggregators.
This is a third party service provider that provides merchants with a simple option to receive payments. That is, it is a means of payment between the customer and the merchant, but in this only the merchant can receive the payment, while the customer can only make the payment.
The idea came a decade ago
Harshil and Shashank’s success story started a decade ago, when the situation of the online payments sector in India was not very good. Razorpay is a fintech startup that was created specifically for startups. Both of them started it together in the year 2014. According to reports, Harshil and Shashank were creating a crowdsourcing platform while studying at IIT, when they got the idea that startups and MSMEs face a lot of problems in making online payments, for which they thought of developing a special platform to solve this and started Razorpay.
College education is coming in handy
According to Razorpay founder Harshil Mathur’s LinkedIn profile, after seeing that online payments were not going well in India, I left my job as a wireline field engineer to start Razorpay along with my friend Shashank Kumar and thought of doing something new to solve this problem and started working on Razorpay. Harshil writes that I am the CEO and co-founder of Razorpay, while Shashank is the co-founder and MD of the company.
Talking about his friendship and business, Harshil Mathur says that I met Shashank while studying at IIT Roorkee and our friendship started from there. Inspired by our shared passion for coding, we worked together on many projects and many of the codes we both wrote during our college days are still the backbone of Razorpay’s operations.
This is how Razorpay works
This is a platform that makes money transactions easy. Razorpay launched a simple payment gateway for companies and merchants. Through this, online payments can be made through credit card, debit card, net banking, UPI, and digital wallet. Razorpay earns through transaction fees. The platform charges only 2-3% for every transaction. The special thing is that RazorPay also supports many major wallets in India, including JioMoney, Mobikwik, Airtel Money, Freecharge, OlaMoney and PayZapp.
Source (PTI) (NDTV) (HINDUSTANTIMES)