Razorpay · Go-to-market · Senior · 60 to 90 minutes

Razorpay's Next SMB Market Beyond Malaysia

Razorpay is an Indian fintech company that provides businesses with online payments and related money movement software, and has a limited international footprint through Curlec in Malaysia. Answer this product management case and get it graded line by line against a weighted rubric.

Market selection
User segmentation
Go-to-market strategy
Sequencing
Risk management

The situation

The President of Razorpay and the GM of international are asking for a recommendation on the next market Razorpay should enter for small businesses, beyond India and its limited existing footprint in Malaysia through Curlec. Over the last year, Indian merchants using Razorpay to accept international payments have asked for local payment acceptance, onboarding, and settlement support in nearby markets, and several board members think Razorpay should use this demand to expand faster. Strategy has shortlisted the UAE, Indonesia, and Saudi Arabia as plausible first bets because of merchant density, digital payments growth, and links to Indian founders and exporters. Assume the following numbers are illustrative: finance can fund up to $8 million in year 1, wants a clear path to positive contribution margin within 24 months, and can assign one dedicated cross functional squad plus shared legal and partnerships support. The hard part is choosing a market and entry model without overextending into local regulation, bank partnerships, fraud, support, and sales motions that differ sharply from India.

What to produce

A 1 to 2 page market entry proposal.

Your answer must

Recommend one market to enter first and justify it against at least two alternatives using explicit criteria.
Define the initial SMB target segment in that market and the top 2 to 3 customer problems Razorpay should solve first.
Propose a first year entry model that covers product scope, local payment method priorities, regulatory or partnership approach, and sales or support motion.
Show a phased plan for launch, pilot, and scale over 12 to 24 months, including what Razorpay should not do on day 1.
Include a simple success model with key metrics, major assumptions, and a rough path to contribution margin.
Call out the biggest risks and the specific leadership decisions or tradeoffs that need alignment before launch.

Constraints

No acquisitions in the first 12 months.
One dedicated squad, about 12 people, plus shared legal, compliance, and partnerships support.
You must assume Razorpay will need to follow local licensing, KYC, AML, and data handling rules as written.
Year 1 spend is capped at $8 million equivalent, and leadership wants a pilot live within 9 months.

Format

Use clear sections for market choice, target segment, entry plan, sequencing, metrics, and risks. A small comparison table for the candidate markets is encouraged.