Stripe, Paypal of the mobile era as per Forbes, is all set to enter India. According to a report in the ET, the company has hired former Amazon executive Anand Balaji as the first employee in the country. He is reportedly mapping Indian market for Stripe which is looking to start its operations in Mumbai.
The company has confirmed the hiring of Balaji but refused to divulge any more details. In a statement given to the TOI, a company spokesperson said,
“We don’t comment on future plans, but India is a very exciting market and we’re blown away with the calibre of entrepreneurs we see there.”
In India, Stripe will compete with payment solutions startups like Razorpay, Citrus Pay, and PayU, among many others.
Stripe- the latest success story of Silicon valley
Founded in 2010, Stripe has emerged as the fastest growing payment solutions for small as well as big businesses. It is essentially a payments getaway but businesses have been flocking towards it for its immensely simple and easy to use platform.
It offers easy to use and customizable payment solution to small and medium businesses. They need not set up a merchant account and can start accepting payments within minutes of setting up a Stripe account. Moreover, it allows them to transact in as many as 130 currencies.
Using Stripe, merchants can sell through third-party apps easily without any hassles. It also offers easy customization options to developers , something which its nearest and formidable rival Paypal does not offer. Developers can easily modify Stripe according to their specific needs. Moreover, businesses can use it to accept payments from diverse sources- credit cards, bitcoin, and even Apple Pay.
Due to the initial success with small businesses and developers, the company has been able to strike partnerships with giants like Facebook, Pinterest, Apple, Twitter, Slack, Lyft, etc. Most of these companies are now using Stripe to power their transactions and e-commerce operations on their websites.
The startup claims to have more than 1,00,000 businesses as its customers at present. It is currently present in 25 countries across Southeast Asia, the US, and Europe. It has raised close to $290 million across seven funding rounds. The six-year old company was valued at $5 billion after its latest funding round last year.