At just 34 years old, Razorpay Co-Founders Shashank Kumar and Harshil Mathur have joined Hurun Global Rich List 2025 with net worths of Rs 8,643 crore each. They are now India’s youngest billionaires and this development reflects the growth of the fintech industry and the impact of domestic companies on the world economy. Their tale from the classrooms of IIT Roorkee to the highest echelon of India's self-made billionaire club comprises perseverance, ingenuity, and an unwavering faith in the transformative potential of technology.

Students Turned Business Comrades

It all began on the grounds of IIT Roorkee, one of the top engineering schools in India. Both Shashank Kumar and Harshil Mathur chased ideas, rather than just acing grades. In no time their friendship blossomed, sharing a passion for technology and a talent for finding solutions to pressing issues. The institute also laid the groundwork for their current venture Razorpay with its academic facilities and innovative culture. Both leaders could hone their technical abilities here and started to see a bigger and brighter future than the general step-by-step approach that most entrepreneurs are observed to take.

Going Separate Paths to Fulfill One Vision

Soon after graduating, both Harshil and Shashank entered into the corporate world. As a software development engineer at Microsoft, Shashank received first-hand experience on the complexities of complex software systems. On the other hand, Harshil joined the computer industry to acquire the necessary skills that would eventually be crucial to the founding of Razorpay. These experiences were more than simply resume-builders; they were a crash education in business and technology, a lesson that would help them develop their entrepreneurial vision.

They Founded Razorpay Amid India’s Ascent to a Digital Economy

Around 2014, India’s time to enter the digital economy had come in full spin. During the time, businesses large and small suffered at the expense of clanky payment systems which were either too expensive or difficult to incorporate. In this strenuous circumstance, Harshil and Shashank saw opportunity. 

Equipped with their technical skills and a good understanding of the challenges faced by the industry, they set up Razorpay with the idea of making digital payments simple for companies of all kinds.

 

Razorpay is Not Just Another Payment Gateway

Like most newly emerging entrepreneurs, the two leaders faced challenges like a competitive market, wary investors, and the daunting task of persuading merchants to trust their newly found company while operating off of a small setup in Bangalore. However, Shashank and Harshil instead focused on something else and that is on the product. They wanted Razorpay to be user-friendly, adaptable, and customized to fit into India's varied business environment, and not just another payment gateway. They wanted every merchant, from tech unicorns to mom-and-pop stores, to consider that Razorpay was designed specifically for them.

They Began Razorpay as a Solution and Grew it into a Fintech Powerhouse

Harshil and Shashank started Razorpay as a solution for a few companies and  then nurtured it into a fintech powerhouse. Razorpay won the favour of the masses with its user-friendly UI, strong APIs, and capacity to manage one-time payments as well as subscriptions. The firm entered the major leagues in 2016 after raising an enough sum from well-known investors including Y Combinator and Tiger Global.

The credits goes to both Harshil’s and Shashank’s keen eye on innovation that went beyond payments into a platform for full-stack financial services, providing features like vendor payments, payroll administration, and even neo-banking.

They Did Something Different Each Time

The timing was all perfect as the country was transitioning into digital payments was expedited by the 2016 demonetization drive and the following emergence of UPI. But this wasn’t enough, they wanted to ensure that Razorpay is ever ahead of the curve. Therefore, Harshil and Shashank began empowering businesses while their peers in the market attempted to adapt to the circumstances. Their perseverance paid off, as this year it was noted that Razorpay was serving over 10 million firms, handling billions of transactions yearly, and solidifying its place as a key player in India's financial sector.

Offering ESOPs to All their Employees

Generally in India’s startup scenario it is observed that ESOPs (Employee Stock Ownership Plan) are often reserved for senior team members or a select group of strong performers. Whereas in Razorpay's case, the two leaders decided to offer ESOPs worth Rs 1 lakh to all current employees which is not quite common among startups. It is believed that Razorpay has conducted several ESOP buyback initiatives throughout the years. 650 current and former employees profited from a $75 million repurchase in 2022, and 140 employees were able to sell their vested shares in 2018.

They Strive to Promote B2B Innovators

The goal of Razorpay's recent efforts is to empower and promote the upcoming generation of business-to-business (B2B) innovators. One such program is the Razorpay Venture Investment Program. In fiscal year 2024, the company's Payment Gateway division is said to have reported a 24 percent year-over-year revenue gain, hitting Rs 2,068 crore. At the same time, Razorpay's profit after taxes increased by over five times, demonstrating its solid financial success.

Self-Made Youngest Billionaires

Not only is the Hurun Global Rich List 2025 a great feat for Shashank and Harshil, but it also serves as a testament to their progress. While being the youngest billionaires in India at 34, they are also the faces of the nation's self-made successful entrepreneurs. Their combined net worth of Rs.8,643 crore represents not only their financial success but also the value they have added to the lives of millions of Indian citizens and businesses. The fact that Razorpay's worth has risen to multi billion dollars says a lot about their capacity to turn an idea into a well-known worldwide brand.

A Role Model to Many Business Leaders

The journey of Shashank Kumar and Harshil Mathur carries the weight of identifying an issue, developing a solution, and relentlessly growing it. They show us that it is all about taking chances, such as leaving a corporate job to pursue a dream, and remaining flexible in a market that is ever changing.

When technology is changing the norms of business, it reminds us that the next big idea may come from anyplace, even from the classrooms of IIT Roorkee or any friends sharing the same passion.

Also Read: Indian Farmers Won: Story of How PepsiCo Lost its 'Potato Chips' Battle in Delhi High Court

There is more to Harshil’s and Shashank’s story than just their position in the Hurun Global Rich List 2025. It is a reflection of India's thriving startup scene, where success is still fueled by creativity and tenacity. Their transformation from college students to billionaires highlights how entrepreneurship may change the course of Indian industry.