The company plans to market these services to merchants in a bid to increase its reach. The expansion aims to shift the company’s focus and profile from a payment gateway provider to a comprehensive payments platform for small businesses and firms.
Route, a new product, provides an API via which businesses can sign multiple third-party vendor and split payments to each vendor, as well as process refunds and other settlements. The other solution is called Smart Collect and provides automated collection and distribution of funds via national electronic funds transfer real time gross settlement, and immediate payment services.
Founded in 2014, Razorpay has been backed by Mastercard, Tiger Global, Matrix Partners, and 33 angel investors and boasts USD 11.5 million earned in funding. It enables businesses to accept online payments via credit/debit cards, net banking, wallets, and the Unified Payments Interface from customers.
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