Razorpay To Offer Products To SMBs Via B2B App Store
Indian FinTech unicorn Razorpay is expanding the breadth of its B2B offerings through a new platform it’s calling an app store that will connect customers with third-party companies, financial news site Mint reported. It is also offering a range of languages customers will be able to use.
One of the tools Razorpay will offer small- to medium-sized businesses (SMBs) is health insurance, Mint reported.
CEO and Co-Founder Harshil Mathur told Mint in an interview that the new products, including health insurance, are a sign of the growing innovation on the part of companies serving businesses in India.
“For years, there has been more innovation happening on the consumer side, than for businesses,” he said. “The coming year will be the time for business-to-business (B2B) innovation and B2B companies like us are focusing on the merchant side. There are currently not many products we see for [SMBs], unlike in the U.S. and other markets. Hence, we are trying to change that through our business banking solutions and new introductions such as the B2B app store.”
According to Razorpay’s website, the insurance product is offered in conjunction with Plum and ICICI Lombard and is available to companies that have at least two employees and use Razorpay’s online payroll processing system.
Mint also reported that because the company is expanding into new communities of business owners in India, Razorpay is adding to its platform the ability to work in Hindi, Kannada, Tamil, Telugu, Marathi, Gujarati and Bengali.
In late November, Mathur said the company was partnering with Visa to offer a corporate card in response to the need among SMBs.
The valuation created through a $100 million Series D funding round in October lifted Razorpay to unicorn status.