SOM-671 Mini Project
Structured Abstract
Name Roll No Department
Sahil 22b0368 Chemical Eng
Kimaya Itkarkar 22b3635 IDC
Industry: Fintech
Firm: Razorpay
Title: Break-out Paths in FinTech: Razorpay’s Global Expansion and Competitive Potential
Why Us?
With industry exposure at BCG and Hilti Manufacturing Services, we’ve developed
strong skills in research, data analysis, and systems thinking. We gather market and
competitor insights, interpret qualitative data, and connect business models with user
experience. We also focus on communicating insights clearly through compelling visuals
and structured storytelling.
Purpose: This study aims to explore the early-stage international expansion strategy of
Razorpay, one of India's leading FinTech startups, and assess its potential to compete in the
global digital payments ecosystem. The paper focuses on identifying enablers and barriers to
international break-out and competitive differentiation through embedded financial
platforms and API infrastructure.
Key Questions: The core research questions are:
How can Razorpay break into the global FinTech landscape, especially in competitive
regions like Southeast Asia or the Middle East?
What factors (infrastructure, partnerships, regulations, localization, pricing) matter
most in expanding B2B FinTech services globally?
What lessons can be drawn from benchmarked competitors like Stripe (USA), PayU
(India/Global), and Adyen (Netherlands)?
What measurable indicators (merchant acquisition rate, transaction volume, market
share by segment, product bundling) help assess competitiveness in new markets?
Design/Methodology/Approach:
The study adopts a case-comparative and analytics-driven approach. The methodology
includes:
Mapping Razorpay’s product architecture (gateway, banking, lending) against
competitors
Benchmarking Razorpay’s capabilities vs. Stripe, Adyen, and PayU using public
financials, product strategies, and customer segments
Evaluating Razorpay’s expansion KPIs in early international markets (Malaysia,
Singapore) using market and funding data
Framing a data analytics schema based on merchant growth, transaction value
processed, and cross-border success indicators
Findings (Anticipated/Preliminary):
Initial findings suggest:
Razorpay’s bundled approach (Payments + Banking + Lending) gives it an edge in
price-sensitive and SME-dominated markets
Unlike Stripe or Adyen, Razorpay is building cross-border infrastructure from
emerging market foundations, leading to greater localization and flexibility
The firm’s partnership with Amazon Global Selling to support Indian exporters and
recent SEA expansion shows an early break-out strategy in motion
Challenges remain in regulatory licensing, brand trust, and product adaptation in
mature international markets
Practical Implications:
This research offers actionable insights for Indian fintechs aiming to expand abroad. It
highlights the importance of:
Leveraging domestic dominance as a base for tailored international playbooks
Designing scalable, regulatory-compliant, real-time financial infrastructure
Building partner ecosystems for faster market penetration (e.g. e-commerce
platforms, logistics firms)
Originality / Value:
This is one of the few studies to systematically benchmark Razorpay against international
fintech leaders while focusing on early internationalization from an Indian platform. It
provides a practical framework for analyzing digital competitiveness in B2B FinTech and can
help founders, policymakers, and ecosystem enablers shape global strategies from the
Global South.
Keywords:
FinTech Expansion, Payment Gateway, Neo-banking, Razorpay, Stripe, Adyen, PayU,
Emerging Market Multinational Enterprises (EMNEs), Cross-border Payments, SME Finance,