Deepak Abbot, co-founder of India gold, had a small story about fintech unicorn Razorpay, which he recently recounted on Twitter. India gold, a Gurugram-based startup that offers gold loans and coins via an app, ran out of balance at one of its bank accounts one Saturday night in early February, after Abbot missed the email alert about it. The startup had regular payouts using that balance, and to make matters worse, the bank’s systems were under maintenance that night for eight hours.
Abbot tried transferring money from his personal account, but his bank had a 24-hour restriction after adding a beneficiary. And a transfer via unified payments interface couldn’t be done as the account where the balance was fast diminishing was a virtual one. A few other options didn’t work either, he recalled.
“I pinged Harshil Mathur at 10.30 pm and asked for help,” Abbot wrote. He requested Mathur, co-founder and CEO of Razorpay, to add ₹5 lakh to Indiagold’s balance. He knew it was a long shot because it wasn’t the payments platform’s responsibility to do this, but he tried his luck anyway.
“I expected Harshil to pause and think, but he said ‘let us add 10 lakhs just to be on the safer side’.” And even as the two were chatting, one of Mathur’s colleagues sent Abbot a WhatsApp message that money had been added to the account.
“This is the startup collaboration and support system we need. This is how we grow the ecosystem together. I just can’t thank the whole Razorpay team enough for being so supportive and thoughtful,” Abbot wrote on Twitter the Monday after that weekend. “Customer for life,” he promised.
Denne historien er fra April 9, 2021-utgaven av Forbes India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Denne historien er fra April 9, 2021-utgaven av Forbes India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
