homestartup NewsCurlec by Razorpay targets over $2 billion annualised transaction value by 2025 in Malaysia
Curlec by Razorpay targets over $2 billion annualised transaction value by 2025 in Malaysia
Harshil Mathur, the Co-Founder & CEO of Razorpay, expressed optimism about the Malaysian market's growth potential. As of now, the digital economy in Malaysia is estimated to be around $20-21 billion, and it is projected to nearly double to almost $50 billion by the next year.
Fintech unicorn Razorpay is planning to expand its offering in Malaysia. Having acquired Kuala Lumpur-based recurring payments startup Curlec in 2022, it is now targeting to serve over 5,000 businesses with an annualised transaction value of more than $2 billion by 2025 through its full-stack payment product known as 'Curlec by Razorpay'.
Harshil Mathur, the Co-Founder & CEO of Razorpay, expressed optimism about the Malaysian market's growth potential. He said, “The size of the digital economy in Malaysia is about $20-21 billion and is expected to double up to almost $50 billion by next year. So there is a large opportunity pool there and the market is growing very rapidly.”
Mathur revealed that Curlec currently serves approximately 500-600 merchants, but they have ambitious plans to scale up drastically, aiming to onboard around 5,000 merchants in 2.5 years. Such exponential growth signifies the company's strong confidence in its product and its ability to cater to the growing demands of businesses in Malaysia.
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In another development, Bengaluru-based blue-collar staffing platform, Smartstaff, successfully raised $6.2 million in a Series A funding round. The funding came from reputable investors, including Nexus Ventures, Arkam Ventures, Blume Ventures, and Alteria Capital. With this recent funding, Smartstaff has amassed a total funding of $10.5 million. The startup, established in 2021, specialises in offering payroll and compliance services to its clients.
Arpit Dave, Co-Founder of Smartstaff, shared insights into the company's core offerings and future expansion plans. As they move forward with the newly secured funding, Smartstaff is eager to capitalise on the market potential and further grow its operations.
For the entire discussion, watch the accompanying video
(Edited by : Pradeep John)
First Published: Jul 19, 2023 2:28 PM IST
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