Razorpay, which witnessed 3x growth in its business last year, has a headcount of about 1,300 people.
''The company hired over 550 employees in 2020, and looks forward to welcoming 650 more employees across technology, product and business teams in the next few months,'' a statement said.
The roles are being created to meet the payment and banking needs of SMEs and freelancers, it added.
Razorpay said within a year, the company witnessed an 80 per cent increase in the demand for digital payments and the need for digital financial processes, forcing offline companies to move online.
''Of the 650 new positions for both freshers and lateral hires, 350 will be towards expanding the engineering and product teams, and the rest will form the customer experience, sales and marketing forces,'' it added.
Razorpay Senior Vice President (People Operations) Chitbhanu Nagri said with the rising adoption of digital payments during COVID-19 and thousands of businesses going online for the first time, there is a lot of scope for interesting innovations in business payments now.
''This story of innovation and disruption will continue and grow stronger in the next few months and hence our hiring plans are being driven by more investment in product development, customer experience and new additions to the existing product suite so that we cater to the ever-evolving payment and banking needs of SMEs and MSMEs,'' he added.
Nagri said the new team members will come with a new set of ideas, relentless enthusiasm and an undying passion to ensure Razorpay stays at the top of the game and continues to put customer experience and convenience before everything else.
''We are excited and looking forward to 650 more people joining us as we together work towards servicing the next 5 million businesses by 2022.'' The employees will continue to work remotely for the next few months.
In December 2020, the company claimed that it has processed payments worth USD 30 billion, and this number is set to touch USD 50 billion in the next one year.
Recently, Razorpay had announced a string of new products, including support in seven vernacular languages, a B2B app store and 'Razorpay Trusted Badge' to help improve conversions for new businesses, along with Group Health Insurance for companies with as less as two employees.
The company has facilitated disbursal of loans worth Rs 250 crore a month and aims to take this to Rs 500 crore a month this year.
In the last six months, the Tiger Global-backed company has witnessed a 40 per cent month-on-month growth in its business. Razorpay powers payments for over 5 million businesses, including Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential and others.
The company counts names like GIC, Sequoia Capital India, Ribbit Capital, Matrix Partners, Y Combinator and MasterCard as its investors and has raised over USD 206 million in funding.