Razorpay appointed Rahul Kothari as COO part of global expansion strategy
By siliconindia | Tuesday, 07 November 2023, 04:54:28 PM IST
Razorpay, a fintech unicorn, has promoted Rahul Kothari to the role of Chief Operating Officer for India and Malaysia. The company is expanding its global presence, starting with the Southeast Asia region. Kothari, previously the Chief Business Officer, will now be responsible for developing and implementing the company's business strategies to achieve sustained and exponential revenue growth across all businesses and revenue lines in India and Malaysia.
Apart from his responsibility in driving revenue growth, Kothari will also be responsible for identifying fresh opportunities to elevate customer experience. He will work towards boosting the efficiency and synergy of internal systems, processes, and business structures. Additionally, he will lead efforts to strengthen the company's partnerships with external stakeholders. CEO and Co-Founder Harshil Mathur stated, "This appointment marks a significant moment in our journey, where innovation meets precision, and vision converges with execution. Kothari's extensive expertise and unwavering commitment will serve as the cornerstone of our mission to revolutionize the future of payments and financial technology on a global scale".
Kothari is a seasoned professional with over 21 years of experience in the payments industry across the United States, Europe, Australia, and India. He joined Razorpay in 2019 after serving as the CBO at PayU for three years. During his tenure at PayU, Kothari played a pivotal role in making the payments business profitable. He has also held leadership positions at Symantec, WNS, and Boston Consulting Group. Razorpay, founded by Shashank Kumar and Harshil Mathur, expanded into international markets last year by acquiring a majority stake in the Malaysian fintech firm Curlec. Just last week, Razorpay announced the launch of its first international payment gateway, in collaboration with Curlec, for the Malaysian market. The company is now planning to expand into the Southeast Asian markets of Indonesia, Vietnam, and The Philippines.
In December 2021, Razorpay secured $375 million in funding and reached a valuation of $7.5 billion. The Series F round was co-led by existing investors, including Lone Pine Capital, Alkeon Capital, TCV, Tiger Global, Sequoia Capital India, GIC, and Y Combinator. In the fiscal year 2022, Razorpay's total revenue surged by 75% to Rs 1,485.7 crore from Rs 844.6 crore. The startup became profitable on a standalone basis in FY21 and reported a profit of Rs 7.3 crore, an 18% increase in FY22. However, it is yet to post profits on a consolidated basis.
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