How Airpay fought for survival and triumphed

It made a pivot, reorganized business and grew amid the pandemic

- Dilasha Seth

Before the outbreak of the pandemic, Kunal Jhunjhunwala was already battling an existential crisis. The nephew of late stock market investor Rakesh Jhunjhunwala and the founder of Airpay Payment Services Pvt. Ltd saw business slump, valuation halve, and his two co-founders depart.

Cut to three-and-a-half years later, and Airpay has grown its revenue, and is also set to clock profits and strong margins for the second year in a row. The business is now in “a very interesting, aggressive, sweet spot," Jhunjhunwala, managing director, Airpay, said. The company is also firming up its international foray and planning to raise $30-50 million to fuel growth and enter the UAE, Tanzania, Saudi Arabia, and Qatar.

Kunal founded Airpay in 2012 along with Rohan Deshpande, with a view to making payments easier. They subsequently brought Amit Kapoor on board as the third co-founder. Kunal and his family, including father Rajesh Jhunjhunwala, and the late Rakesh Jhunjhunwala, his uncle, own nearly 80% of the company.