Razorpay, one of the world’s biggest payment processors, has introduced Forex services for Indian startup founders through its business banking platform – RazorpayX.
According to a statement from the firm, the service would allow Indian companies to easily transfer funds raised globally to India. With this new service, the company hopes to influence and help over 1,000 entrepreneurs who anticipate receiving foreign funding this year.
Within the three months of its beta version launch, the service has so far benefitted over 15 startups, including Virohan, Tortoise, and Coupl from the edtech, fintech, and financial services industries, among others.
According to Razorpay, India’s current Forex transfer process has several flaws due to the procedure’s lengthy, costly, confusing, and paper-intensive nature. It ultimately takes more than two months, in addition to a high late submission cost that increases with each additional day of delay.
Through a smooth one-window solution, Razorpay Forex Service seeks to provide affordable, transparent, and quicker procedures with the aid of its partner institutions, including RBL Bank and other top banks.
Meanwhile, Rahul Kothari – Chief Business Officer of Razorpay, stated, “FDI inflows to India have increased 20-fold since 2003–2004, making it one of the most alluring investment destinations in the world. Most of the inflow is constrained to small businesses that can navigate through the protracted and expensive compliance processes due to the complicated processes required.”
“In order to improve the leverage of foreign funding for the Indian startup ecosystem, Razorpay via its conversations with startup entrepreneurs discovered that problems like voluminous paperwork, compliance, and rising expenses must be resolved,” Kothari added.
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