Razorpay, an online payments solution provider, has reportedly acquired cloud-based payroll management startup Opfin, reported Mint.
Besides acquiring Opfin, the platform Razorpay has launched two new financial products aimed at businesses, freelance workers and home-based entrepreneurs, as per the sources.
Harshil Mathur, chief executive at Razorpay, said that as part of the transaction, the Opfin team will join Razorpay, and its product stack will be integrated directly into the company.
Post acquisition, Razorpay will launch a new HR automation product for the payroll process.
Co-founded by Harshil Mathur and Shashank Kumar in 2013, RazorPay has recently introduced four new products in the Indian market to boost its revenues. These products lies in the areas of recurring payments, automation of bank transfers like NEFT, and invoice management.
The B2B fintech startup Razorpay claims to have clocked in a growth rate of 15-20% month-on-month on the merchant count and is geared up to increase this to 450K this year.
Razorpay claims to have grown 500% in the last year.
According to Razorpay, India is the largest freelancer market, with one in every four freelancers in the world being an Indian.
“Starting today, businesses will enjoy the convenience of smart financing—the new additions to the product suite will make it easy for new-age companies to manage finance whenever they need it, however they need it, at the click of a button. With solutions like these, our desire is to take fintech to it’s next level for all our partner businesses and their consumers,” added Mathur.
Furthermore, according to a NASSCOM report, the Indian fintech market is poised to reach $2.4 billion by 2020 growing at a five-year CAGR of 22 per cent.
Some of the significant platforms under the similar roof include Instamojo, JustPay, PayUmoney, Just Pay, Fino, Tapzo, and many more.