RazorpayX, the business banking platform of Razorpay, has reportedly expanded its Payroll Platform to cater to enterprises and large-sized businesses.
According to a report from India Technology News, the service now offers advanced solutions for businesses of all sizes, ranging from two to more than 20,000 employees, as it shifts its focus from primarily startups and SMEs.
The changes are set to help large organisations save over 60% of costs on payroll management, while also enabling them to drive 100% accuracy on compliance.
Commenting on the solution, Ayush Bansal, VP & General Manager of RazorpayX, said, “Since inception, we have been committed to creating and curating an elevated experience for all payroll needs of businesses and empowering them to thrive by eliminating the challenges of manual processing.
“Having successfully supercharged the payroll operations for startups and small and medium-sized businesses (SMEs), now expanding our services to Enterprises is a significant milestone for us at RazorpayX Payroll. It is a standing testament to our vision of transforming how Indian businesses manage their payroll and with this revolutionary tech-first extension, we are confident of building scalable and automated solutions for larger enterprises, driving a future of streamlined HR operations.”
Currently serving over 45,000 businesses, RazorpayX has experienced rapid growth in its Payouts business, with over 200% growth.
The platform has disbursed payouts with an annualized money movement of over $30bn. In addition to its payroll services, RazorpayX recently launched Forex services, allowing startups to seamlessly transfer funds raised globally to India.
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