Continuing with the string of small and medium sized partnerships which it has forged recently, Mobikwik is today announcing a fresh association with payment gateway startup and Y Combinator alum Razorpay.
The association involves integration of MobiKwik’s Power Wallet API, which gives Razorpay access to a mobile technology that boasts of near-100% success rate in processing payments. Following this partnership, any Razorpay retailer without making any code changes can activate and start receiving MobiKwik payments from its customers. The startup currently boasts of over 3000 retailers on its platform.
With immediate effect, over 3000 merchants of Razorpay, including the likes of Rentomojo, Papa Johns, Brekkie, Knowlarity, and Roadrunnr, now have MobiKwik power wallet as a payment mode on their platform. Another additional 1000 Razorpay clients are soon expected to adopt it as their preferred payment option.
Razorpay made news last year, when it became the first India startup in 2015, to receive backing from Y Combinator. The startup has developed a new, developer-friendly online payment system primarily focused towards startups coming up in India’s glitzy e-commerce sector.
So how does Razorpay differentiates itself from other similar online payment options like Stripe-a YC alumni itself ?
In principle, Razorpay isn’t different from what Stripe or other similar solutions offer. It helps developers embed online payment options through Razorpay API, and allows consumers to use net-banking, debit cards or credit cards for paying the merchant. However, what sets Razorpay apart, is its extremely simple and fluid user interface, and its focus towards Indian audience. Since the platform has been developed by an Indian group, it has been designed keeping in mind, the exact thought process which Indians go through while doing online purchases.
What makes Razorpay even more different is its exceptionally simple set up process. While most payment gateways ask for numerous records to set up your account, Razorpay allows you to start receiving payments almost instantaneously in your existing bank account, without the need for opening a new one.
The startup had raised fresh funds to the tune of $11.5 Million, led by Tiger Global Management, along with the participation of Matrix Partners.
This announced round is a combination of the $9 Million it just raised, and a $2.5Mn round which the company raised earlier in seed funding from around 35 angel investors, including Matrix Partners, Y Combinator, among others.
