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Havish Gupta
Figuring Out • 5m
This startup could have killed Rajorpay. But it couldn't. This is the story of Airpay, a fintech startup founded by Kunal Jhunjhunwala in 2012. He realized many small businesses, especially in rural and semi-urban areas, struggled to accept online payments. They had to use multiple payment gateways for different payment option, which were costly and inefficient. This led him to BOOTSTRAP Airpay, a platform that provided a single, integrated payment solution for all types of businesses. With Airpay, businesses only needed one POS machine for all types of payment services. The company had some early success, but growth was limited due to a lack of funding. Later, Airpay added online payment solutions (for websites), similar to Razorpay. Recognizing their growth, Airpay received seed funding from angel investor, followed by a $3.59 million Series A round the next year. Today, Airpay’s valuation stands at $13.8M, with $14.3M in revenue—which is impressive, but still nowhere close to giants like Razorpay, BharatPe, or Paytm. The main reason for this is the lack of funds and competition from well-funded startups. Do you think it could have became much bigger with more funds?
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