Razorpay Software Pvt. Ltd, which runs payment gateway company Razorpay, has roped in Arif Khan, a senior MasterCard executive, as chief innovation officer.
Khan will manage innovation by building strategies and identifying new business opportunities, the company said in a statement. He will also work closely with banking and financial institutions to develop new technical capabilities and a robust payment architecture, the statement added.
Before joining Razorpay, Khan was senior business leader at MasterCard, where he helped expand the company's payment gateway platform, Simplify, in the Asia-Pacific region. Prior to MasterCard, he was senior vice president at HDFC, where he led and implemented strategic projects in the payments and digital space.
“I will be focussing on leveraging advances in financial services and technology to create new products and solutions for Razorpay merchants," Khan said.
Earlier this month, Razorpay announced the appointment of Amit Saini, former director of engineering at cab-hailing services company Ola, as vice president-engineering.
Razorpay was founded by IIT-Roorkee alumni Shashank Kumar and Harshil Mathur. The company, which helps businesses accept online payments via credit/debit cards, netbanking and mobile wallets, has over 20,000 merchants, including Papa John’s, Knowlarity, Chai Point, Nestaway and Eatfresh, among others.
The company turned a profit in financial year ended March 2016. It posted a profit after tax of Rs 28.7 lakh for the year, compared with a loss of Rs 4.1 lakh in FY15. Net sales stood at Rs 79 lakh, almost 10 times the Rs 8.5 lakh posted in the previous fiscal.
In July last year, Razorpay raised an undisclosed amount from American payments and financial services company MasterCard. So far, it has raised $11.5 million from marquee investors like Tiger Global, Matrix Partners and Y Combinator. It was the second Indian company to be selected for the Y Combinator accelerator programme.
Razorpay had appointed Karan Sarin, former marketing head at smartphone maker OnePlus India, as its chief marketing officer in September last year.