People are using ChatGPT extensively to figure out what to buy. Now, the next step in that journey is here.

People don’t just search anymore, they ask questions and do their research. There is nuance and far more depth in the LLM queries versus simple google searches. They ask mpare options and explain what matters to them. This makes for a great place for the right brands to show up at the proverbial right time, which is when consumers are deciding.

So today, we are announcing something I'm quite excited about. @Razorpay Engage is partnering with @OpenAI to bring ChatGPT Ads to Indian businesses.

We're starting with some early partners, @TanishqJewelry, @titanwatches, @ShaadiDotCom, @Palmonas, @AxisMaxLifeIns and more, who are already testing what it means to be discovered inside a conversation instead of a search result.

But every new channel adds complexity for businesses that are already stretched thin. Engage will handle the hard parts. Getting catalogues ready, structuring product feeds, running campaigns, and measuring what actually works, backed by an AI agent and a real team behind it.

Our job has always been to absorb that complexity so founders can try a new way to grow without having to figure it all out themselves. The work with OpenAI already helps founders add Razorpay payments to apps they build with Codex. With Engage, we’re extending that partnership to help businesses find their next customer.

AI led discovery is new territory for everyone, brands and platforms included. We are shaping this frontier actively and help thousands of businsses explore this new channel for their brand.

razorpay.com/engage/chatgpt…

Launching RNAFoundry.com – we manufacture personalized cancer vaccines.

AI agents are changing how we work and collaborate, but documents are still stuck in the pre-AI era.

Agents can now create beautiful, interactive decks, dashboards, and reports in HTML. But the moment you want to collaborate on them, everything breaks down.

Google Docs wasn’t tive HTML or AI agents. Feedback gets scattered across Slack and email. Every edit means going back to the agent, generating a new file, and sharing another link. No real-time collaboration. No single source of truth.

We built SlashDocs to fix this.

Think Google Docs, but built for AI agents and the documents they create. Host HTML and Markdown in one central hub. Share documents, manage permissions, and comment directly on the content, just like Google Docs.

Agents can read feedback and update the same document in real time. No duplicate files, no endless back-and-forth, and everyone stays in sync.

What started as a small internal experiment in one team has now scaled across @Razorpay. 28,000+ documents created. Over 50% of all documents generated at Razorpay now live on
SlashDocs.

And today, we’re opening it up to everyone. Self-hosted. Agent-agnostic. Fully open source.

AI agents have changed how we create documents. It’s time we changed how we collaborate on them.

Try it: razorpay.com/slash-docs/

I was fascinated by the idea of migrating abroad when I was in middle school. I had heard so many “wow” stories about the sons and daughters of my father’s colleagues who had gone overseas.

I wrote the SAT way back in 2003. Got multiple admits, including NUS and NTU. Everything was ready for me to migrate.

But I also got admission to CEG, then among the best engineering colleges in Tamil Nadu. And I did the unthinkable. I chose Mechanical Engineering at CEG over NUS/NTU.

Dad went wild!

At the end of my undergraduate years, I had two choices: GRE or CAT. Dad wanted me to take the GRE and leave India at the earliest. I chose CAT. I stayed back.

I eventually started a venture in one of India's most heavily regulated industries.

And the regulators nearly killed my venture thrice. Closing down MSE. Slashing commissions at their whims and fancies. Arbitrarily increasing net-worth requirements and questioning the very viability of my business.

There were moments when I wondered whether staying back had been a mistake. The system certainly gave me enough reasons to feel that way.

Yet, by God's grace, I survived. Seventeen years of running a company in India.

And despite everything, I still love this country. I don't entirely know why.

Perhaps it is the mananimmathi I experience when I travel through her countryside. Perhaps it is the atma tripti her temples give me. Perhaps it is the inexplicable happiness I feel in Malnad, in my Pandya desam, or in my beloved Travancore whenever I set foot on that soil and walk its paths.

Priceless. Absolutely priceless.

Look at where India was in the 1960s and 1970s and where she is today. She has come a long way.

From confiscatory 97% marginal income-tax rates to a much lower peak rate today. From a hopelessly Fabian socialist model to a mixed economy. From waiting endlessly for a Bajaj Chetak to being able to buy a Toyota in minutes. From waiting years for a telephone connection to becoming one of the world's cheapest mobile-data markets. From mud roads to expressways. From extreme poverty — remember Kamal Haasan eating an apple that had fallen into a gutter in Varumayin Niram Sivappu — to Shimla apples being available even in village markets.

India has travelled an extraordinary distance.

Of course, she could have done much better. She could have become another Singapore in terms of civic infrastructure, public services and urban planning. We have squandered decades and opportunities. There is no denying that.

But she remains India.

I take comfort in how far she has travelled despite decades of socialist policies and political mismanagement, rather than spending every waking moment complaining about everything that is wrong with her.

I can criticise India. I can demand better governance, better infrastructure and better public services. I can be frustrated with her bureaucracy and regulations.

But my affection for her runs deeper than my frustrations.

And perhaps that is what people who constantly compare India with the West fail to understand. A country is not merely the quality of its roads, the efficiency of its bureaucracy or the size of its paycheques. There is also a sense of belonging, a civilisational connection and a peace of mind that cannot be measured on a spreadsheet.

I would rather be a small soul in a country I love than spend my life as an indentured servant in a soulless system.

I had my opportunities to leave. I chose to stay.

Seventeen years later, with all the scars, setbacks and struggles, I still feel it was worth it.

She is far from perfect. But she is mine. She will never ditch me. She will not ask for a VISA to accommodate me as she has soul and I am her son.

And that makes all the difference.

A lot of people are curious how ads in ChatGPT will look like and whether that will interfere with their conversations. Here's an example of how it will come out:

1. A customer asks a question. - “Lightweight earrings for a three-day wedding, under ₹3,000?”

2. While ChatGPT also appears below it. It’s clearly labelled “Ad” and is separate from the answer. A click takes the customer to your website or shopping page. Advertisers don’t get to influence the answer.

3. Unlike Keyword-led ads, ChatGPT Ads consider the conversation alongside your ad, landing page and context hints. Here, the occasion, budget and comfort all matter. If the customer starts planning a complete outfit, a complementary necklace could become relevant too.

4. “Context hints” describe when your product might be useful. For the same earrings, that could be everyday wear, wedding styling or gifting. They guide relevance, without guaranteeing placement.

With @Razorpay Engage, we’re helping businesses build and test these contexts, then refine campaigns based on what brings visits and purchases.

Sign up here: razorpay.com/engage/chatgpt…

Recent launch of @applepay in India is a big moment for credit cards because it's a very mobile friendly format for payments. And Apple has nailed the experience of tap and pay on iOS better than anyone else. While iphone penetration is only 10% in the country, the ecom vol is 25-30% and both these numbers are only going to increase in the coming years.
This gives a new push to credit cards to compete with UPI on a more even footing. Given Axis Bank is the launch partner, it will be interesting to watch if we see any minor issuance shift to Axis Bank.

We at @Razorpay enabled Apple Pay to more than 25000 businesses on Day 1 and rolling it out to lakh plus now!

Interestingly, while enterprises are dragging their feet, most of the startups and SMEs already have the latest payments tech on Checkout!

If as a business owner, you are keen to learn more about this, check it out here - razorpay.com/payments/apple…

A few weeks ago, we launched our foundation model, Vulcan. We’re grateful for the opportunity to present it to our honourable Prime Minister Shri Narendra Modi at GFF ’26.

With Vulcan, we’ve seen an 8-10% improvement in success rate, 5x more disputed transactions & 8x more international card fraud transactions that have been identified while also offering millions of hyper-personalised checkout experiences.

We’re now sharing how we built Vulcan and how it helps us work faster and smarter across our network. The team deserves all the credit for bringing it to life.

@Razorpay

Link: razorpay.com/blog/vulcan-ho…

Deeply honoured that @CNBCTV18Live has recognised @Razorpay as one of the Architects of UPI, a collective effort that feels like a personal win.

UPI was built by @NPCI_NPCI, whose infrastructure choices made all of this possible, and by an entire ecosystem of banks, PSPs and ed a piece of the puzzle. It’s surprising how well UPI was designed right out of the gate and how many product choices it got right to be really the best payment product in the world.

At Razorpay, our part was making that rail work for businesses. From a home bakery to an enterprise, millions of merchants needed UPI to just work and that's what we did. It’s a privilege to work with our wonderful team everyday, and this recognition belongs to them as much as anyone.

And lastly there are the people of India. They trusted a new way of paying, taught their parents to use it, and made it the default. The behavioural leap within a decade is the real win of UPI. The work isn’t done yet, we still have half a billion people who aren’t on the digital payments bandwagon and the industry will make it happen within the next decade.

Grateful to CNBC-TV18 for the recognition, and even more grateful to have had a front-row seat to this journey.

Proud of this moment, moment of a lifetime.

Vulcan, built by team @Razorpay, in India, shown to the Honourable Prime Minister of India, Shri Narendra Modi today.

A foundational model for payments, built in India, for the world. 🇮🇳

A special moment for @Razorpay today. 🇮🇳

Our CPO @khilanharia presented Vulcan - Razorpay’s foundation model for payments to Hon’ble Prime Minister Shri Narendra Modi today.

A proud day for everyone who built it. And we’re just getting started.

Built in India. 🇮🇳
A lot more to come! 🔥

Large businesses have always had someone to call when their payments needed attention. Small businesses never really had that support. All they got was a support ticket number and a wait time in hours which feels very long in the quick commerce era.

So we decided to change that. unt manager, now live on WhatsApp. Ask it anything about your payments and like a friend who’s on your side, it answers instantly.

"What happened to my payments yesterday?"

"Send this customer a payment link."

"Issue a refund for that order."

RAY handles it, right there in the chat.

But like I said, RAY is like a friend who’s really on your side, it doesn't wait for you to ask. If your settlement is about to get delayed because of a bank holiday, RAY tells you first. If there's a way to boost your payment success rate, RAY brings it to you.

Built with IndusInd Bank, Bajaj Finance is already live on it and it is 20,000+ conversations and counting.

So no matter what the size of your business, you should have the same support. The one that feels like talking to a friend.

Get access to RAY AI account manager here: razorpay.com/ray-on-whatsap…

@Razorpay

The interesting thing about India's GDP number this time is the volume of debate around it. Believe it or question it, but you absolutely cannot ignore it!
India is a rocketship 🚀

The @RazorpayX neobanking suite makes both vendor payments and payroll a simple one click and one OTP endeavour for every founder! And soon in future, agents will be running these processes end to end without human touch.

4 billion payments. 3 trillion data points. One model trained on all of it.

Meet @Razorpay Vulcan - India’s first transformer-based AI foundation model for payments.

Built, trained and hosted in India, in partnership with @nvidia and @awscloud.

Until now, every payments rately: routing, fraud, risk, personalisation and more.

We asked: What if one model could understand how money moves?

And like LLMs are trained on text to understand language, Vulcan is trained on payments to understand how money moves.

Already running in beta across 51,000+ businesses, Vulcan is delivering:

- 8–10% improvement in payment success rates - the ultimate measure of whether a payment simply works.
- 8x more international card fraud detected.
- 5x more fraudulent or disputed transactions identified.
- 1–2 lakh more purchases completed every month through better checkout personalisation.

And we’re just getting started. The best part? Every payment Vulcan sees makes the next one smarter.

We’ve spent years building the infrastructure that moves money for India. Now, we’re building the intelligence that understands and improves it. 🔥

This Independence Day 🇮🇳, I asked, "What will the next century of young Indians look like?"

$0.01 Drone Deliveries. UAVs that never land. Groceries in under 10 minutes.

Meet The 22nd Century Indian. A Documentary on a New India.

Incredible things happen when small teams own hard problems.

We needed to track thousands of objects in orbit. Adding more telescopes wasn’t the right way to solve, we need something more. So five people, including three interns, went back to first principles to solve for the scale problem.

A few months later, MOSAIC is watching the sky from the Himalayas.

Kudos to the team. This is what a generation of builders looks like. 🇮🇳

Ask four Indians alive today what freedom means, and you'll get four different answers.

Not because they disagree. Because they were handed different versions of it.

Every generation has experienced freedom differently in our nation & with that, the expression of freedom or what is important to them has also changed.

For the generation that fought for our freedom, it definitely was about agency and identity. The right to a name, a vote, a destiny that wasn't decided elsewhere. That generation inherited a country with enormous problems, but they were finally our problems. And they were capable enough to begin to solve them. It was important that the country survived if not thrived.

For my father’s generation, it was about building on the foundations that were laid for them. It's a story of ration cards, one phone in the whole street, a country literally building itself from scratch. They built the nation through hard work at jobs & creating the infrastructure businesses in some of the toughest regulations. Many of those businesses are around till date. It was important that they shaped a distinct identity of being competent & in some rare cases, even world-class.

They had the freedom to get a job, build a stable life and dream of a better India for their kids. But they still lacked a lot of freedoms that we take today for granted. Having a stable govt job was aspirational and starting a business was an exception not the norm.

For my generation, when our ambitions met the advent of the internet at the intersection of globalisation, the world was truly our oyster. We're the ones who remember a house with one TV and no internet, and then, almost overnight, cyber cafes, mobile phones, a hundred channels, a world that suddenly felt reachable.

We could head MNCs, we could dream of building world-class companies and we could put satellites into orbit, all within the same day. For us, independence slowly turned into choice. The choice to study what we wanted, work where we wanted, build something instead of just finding something.

Gen Z has never known a slow India. They've never stood in a queue for a bank draft or waited three days for money to reach someone. To them, sending ₹10 to a friend at 2 am is extremely normal. Their freedom isn't about access anymore, because access was never in question.

It's about voice. Respect for authority is not a given but earned. The confidence to start something at 22, quit something that doesn't feel right, and say so, publicly, without asking permission first. Artificial intelligence and rising incomes have collapsed the cost of launching a business and Gen Z shows the highest entrepreneurial intent of any generation.

Today's entrepreneurs are daring and starting defence tech, space tech, deep tech that the previous generations never dared to attempt and doing it at a fraction of the capital raised compared to global counterparts.

And Gen Alpha, still in school right now, is going to define freedom in ways we probably can't fully picture yet. For them, a shop with no digital payment option might feel as strange as a phone with a cord once felt to us.

Independence, Stability, Choice, Voice, every generation gets handed a freedom and widens it before passing it on.

Same country, same day on the calendar. Four completely different ideas of what it means to be free.

Happy Independence Day 🇮🇳

Mickey is one of the incredible investors we’ve been fortunate to work with at @Razorpay.
Whenever @harshilmathur and I met him, he would ask how we were doing. We’d say, “Fine,” and move on.
He would stop us and ask again: “How are you really doing?”
Within two minutes, we'd find ourselves pausing, dropping our guards, and sharing how we actually felt. This was incredibly liberating and refreshing. Startup founders learn to wear a hard veneer. There aren’t many people you feel comfortable opening up to but Mickey makes it easy.
It’s rare for him to do a podcast and it's definitely worth listening to.

Last week Physion Labs published an independent benchmark of AI video agents. Invideo wasn't in it. We requested them to include us. Results are out. invideo Agent One is #1. We are number #1 on 12 of the 16 individual metrics. Never falling below #2