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RazorpayX Unveils Forex Service For Indian Start-Ups

RazorpayX has claimed that the forex service has the potential to benefit more than 1,000 start-ups in the country

RazorpayX Unveils Forex Service For Indian Start-Ups

Outlook Start-Up Desk

POSTED ON January 30, 2023 5:44 PM

In an attempt to help Indian start-ups to transfer globally-raised capital to India, RazorpayX, the business banking platform of Razorpay, has unveiled a new product called forex service for start-ups. The newly-launched service is expected to serve start-ups to transfer funds seamlessly. 

As per the company's statement, more than 15 enterprises have used this service since the inception of its beta version.

RazorpayX claims that the use of forex services in the Indian start-up ecosystem is filled with several problems. The late fee compounds with each passing day and that cause a lot of trouble for the founders. With its newly launched service, the company aims to clear erase the gaps. 

Talking about the latest development, Rahul Kothari, the chief business officer of Razorpay, said, "Through our conversation with over 50 founders and several global investors, we realised that to increase the leverage of foreign funds for the Indian startup ecosystem, we needed to solve for the trifecta of dense paperwork, compliance and burgeoning costs."

The company is hopeful with its newly launched forex service. It has claimed that the forex service has the potential to benefit more than 1,000 start-ups in the country. 

RazorpayX is eying for a 3-4x scale in the next financial year with an annualised run rate (ARR) under this newly launched system. 

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