Razorpay co-founder Shashank Kumar has taken over as MD
Razorpay co-founder Shashank Kumar will be its director, leaving his current position as chief technology officer (CTO), the fintech unicorn said on Wednesday.
Murali Brahmadesam, former head of Amazon Web Services (AWS), will take over as CTO and head of engineering. Brahmadesam has more than two decades of experience and brings deep knowledge of managing the various functions of scaling technology, the company said in a statement. He has worked at Amazon and Microsoft in India as well as in the United States in various senior positions.
“Engineering has been a cornerstone of Razorpay’s growth since its inception. With more than 800 engineering team members, we are currently constantly working to solve some of the toughest challenges facing companies today…,” said Kumar.
“I am excited to have him (Brahmadesam) ride on as Razorpay flourishes in global markets and further deepens its expertise across all merchant payments and corporate banking,” he added.
Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Kumar, Razorpay provides payment gateway services to businesses and e-commerce platforms. Competitors include online payment gateways such as PayU, Cashfree, and BillDesk.
It also provides a non-banking and credit package to these companies and competes with B2B non-banking startup Open.
In May, the company closed a $75 million sale in the secondary sector in which Lightspeed Venture Partners and Moore Strategic Ventures picked up a stake in the Bengaluru-based company. “Razorpay is at the forefront of inventing products that provide merchant payment and banking solutions trusted by millions of businesses. I look forward to working with the team and participating in Razorpay’s mission to build the central nervous system for fintech in India,” said Brahmadesam…
To date, Razorpay has raised $740 million from investors including GIC Pte, Tiger Global, Sequoia Capital, and others.
The company is also making acquisitions in India and abroad.
It bought IZealiant Technologies in March. In February, it bought Malaysian fintech company Curlec, its entry into the Southeast Asian market. Razorpay achieved $60 billion in total annual payment volume (TPV) last calendar year and aims to reach $90 billion in TPV this year.