Last year, the central bank banned Razorpay and a bunch of its competitors, like PayTM, Cashfree and PayU, from onboarding new merchants until they were able to secure a payment aggregator license. Till then, they all had in principal approvals for the license. But the RBI stepped in and said they had to stop onboarding merchants until they actually got the license.
It was only in December that the RBI lifted the ban after Razorpay finally received the license.
Obviously, it was a big day for Razorpay. All of the employees who had already left for the day came straight back to office. They all knew exactly what they had to do because they had been planning for this day for months now.
Razorpay had a big opportunity to gain marketshare. In the last seven months since the RBI lifted the embargo, it has been in recovery mode. And in the process, it has fundamentally changed as a company.
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