December 21, 2019
Razorpay, the leading full-stack financial services company, today announced the appointment of its Chief Financial Officer (CFO), Arpit Chug.
The former American Express India CFO, Arpit Chug will be responsible for scaling up Razorpay’s Lending arm – Razorpay Capital, and the recent addition of Corporate Credit Cards to its neo-banking platform, RazorpayX. He will also play an important role in growing Razorpay's core payments business and assist in launching new business verticals.
In the last two decades, Arpit has been expanding and managing large teams across geographies of Asia, Europe and the USA. During his seventeen year stint with American Express, Arpit spearheaded finance teams across several verticals including Merchant Acquisition, Consumer Cards and Corporate Cards. He comes with a first-hand experience in building new products and scaling businesses.
Welcoming Arpit aboard, Harshil Mathur, CEO & Co-founder of Razorpay said, “With a continuous focus on making payments and banking more transformational and impactful for businesses, Arpit’s timing of joining us with his demonstrated skills of growing businesses is perfect.”
He added, “Arpit brings tremendous depth and breadth of finance expertise, operational leadership, and a strategic understanding of software and technology-driven growth businesses. Given how the new verticals, RazorpayX and Capital have been making a dent, Arpit will be actively involved in recognising new opportunities and solving for new age banking problems, ahead of time. With minds like Arpit in our team, we now have a full leadership team on board to introduce new growth initiatives.”
Arpit Chug, CFO, Razorpay
Arpit Chug, Chief Financial Officer, Razorpay said, “Having been in financial services since my start, I think the sector is at its exciting best. Razorpay has had a significant role to play in the booming of this space. The team’s story of continuous innovation and disruption is commendable and it is currently one of the most looked upon FinTech companies. I am excited to be part of an organisation which has demonstrated such ambition and advancement in delivering value around payments and banking, and I look forward to some of the milestones we can achieve together.”
In October this year, the company hired Rahul Kothari, former CBO at PayU’s Enterprise Payments, as its Chief Business Officer and former Mastercard Vice President, Amitabh Tewary as its Chief Innovation Officer.
Razorpay has been charting an exponential growth since its inception. Currently the payments business forms 70% of Razorpay’s revenue and the neo-banking platform, Razorpay X along with Razorpay Capital forms the rest 30%. With a 500% growth in the last one year, the company has been witnessing a healthy growth rate of 35% month-on-month. Currently powering payments for over 800,000 businesses including the likes of Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony and Oyo, the team plans to increase this to 1,400,000 by 2020. This neo-banking platform expects a 4x growth in its volumes by the end of the next fiscal year.
Razorpay, a neo-banking company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Established in 2014, the company provides technology payment solutions to over 800,000 businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, Y Combinator, Sequoia India, Ribbit Capital and MasterCard have invested a total of $106.5 million through Series A, B and C funding. Around 33 angel investors have invested in Razorpay’s mission to simplify payments. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24×7 support, one-line integration code and superior checkout experiences.