Buouyed by a small business shift to digital payments during the pandemic, Indian unicorn Razorpay is to increase its headcount by 50% over the next ten months.
The company, which has experienced a 3x business growth in 2020, hired over 550 employees last year and looks forward to welcoming 650 more employees across technology, product and business teams in the next few months.
Currently employing 1300 staff, Razorpay has announced a string of new products over the past year and has also been steadily growing its neobanking arm, RazorpayX which serves more than 10,000 businesses.
The global pandemic has been a turning point for the business, which has witnessed an 80% increase in the demand for digital payments and the need for digital financial processes, forcing offline companies to move online.
Razorpay currently provides payment processing services for over five million businesses, including Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others, and is bidding to reach 10 Million businesses by next year.
Chitbhanu Nagri, SVP - people operations, Razorpay says: “Things have been drastically changing at Razorpay in the last few months. With the rising adoption of digital payments during Covid-19 and thousands of businesses going online for the first time, there's a lot of scope for interesting innovations in business payments now, something that Razorpay employees have been actively working on.”
Of the 650 new positions for both freshers and lateral hires, 350 will be towards expanding the engineering and product teams, and the rest will form the customer experience, sales and marketing forces.