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Back to Newsletter Vol 3, Issue 01, Feb 2021
Leadership & Entrepreneurship
The case is about the journey of FamPay, a Fintech startup based in Bengaluru, India, in enabling teens to be a part of the digital payment ecosystem in India. FamPay was started by two young engineering graduates from IIT Roorkee in 2019. They started with a mobile app to reduce food wastage in canteens and went on to build a startup whose focus would be on creating a platform for teenagers to spend money under the guidance of their parents, and facilitate cashless transactions in both the offline and online mode. The case talks about how the founders identified a problem before embarking on their entrepreneurial journey and how they secured seed funding to develop an engineering team and technology. The case also covers in detail the digital payment solutions for pre-banked teenagers that FamPay offered. The FamPay App was a family-oriented digital payments app using which parents could transfer money to their children and teenagers could spend money under their parents’ supervision. Similar to Venmo, a startup mobile payment service in the US, the FamPay app had a social feed for teenagers to share their spend details with friends and comment on updates. It also used gamification for making money management fun. The FamPay app quickly became popular with both teenagers and their parents. It got good reviews and had hit 100,000+ installations till October 2020. Riding high on the success of the FamPay app, the company launched the FamPay Numberless Card in July 2020 in partnership with IDFC First Bank. This card was accepted across the RuPay payment network of merchants. Teenagers could use it as a debit card without having a bank account.

FamPay – An Indian Fintech’s Journey to make Teenagers part of the Digital Payment Ecosystem
The case is about Razorpay Software Private. Limited (Razorpay), an Indian fintech startup that had attained unicorn status within a span of six years. The case dwells upon the growth of the fintech company and the entrepreneurial musings of its founders who overcame the difficulties that plague startups and created innovative solutions in the payments industry. The case also discusses the challenges faced by fintech firms in their quest to provide innovative payment solutions and help banks go digital. Razorpay’s innovative products are described in detail along with its business model. The case ends with customer accolades for the company and the future plans of Razorpay. It remains to be seen whether Razorpay will continue with its quest for innovative products in the fintech space and make the payment experience simple for customers.

India’s Payments Solution Company ‘Razorpay’ – From a Fintech Startup to a Unicorn

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