Flipkart's Soni invests in online payment startup Razorpay
Punit Soni, Flipkart's chief product officer, has made a personal investment in Jaipur-based online payment company Razorpay Software Pvt Ltd.
Financial details of the transaction were not disclosed.
Razorpay is an online payment gateway firm for small businesses, startups and institutions such as schools, colleges and training centres.
According to a report by The Economic Times, Soni confirmed his investment in Razorpay at a TiE conference held in Santa Clara, California.
An email sent to Razorpay on the investment did not immediately elicit a response.
Razorpay had raised $120,000 (about Rs 74.7 lakh) from US-based startup accelerator Y Combinator in March this year. The deal made Razorpay eligible for a three-month acceleration at Y Combinator, becoming only the second India-focused company to get incubated at Y Combinator after clearTax.
Razorpay competes with well-funded players such as Citrus, CCAvenue and MobiKwik in India.
It may be recalled that Soni's appointment as chief product officer was one of the many top hires at Flipkart this year. He is a former Google product management executive and an ex-vice president of product management at Motorola. Soni now leads the product definition and innovation charter for Flipkart's consumer products, marketplace and transaction platform. In this role, he drives product strategy, design and product marketing functions.
As a senior product leader at Google, Soni was involved in the development of properties such as Google News, Google Books, Google Plus and Google Mobile.