Indian OTT platforms have experienced a significant surge in revenue from international viewers, with a 194% increase in the last two years. The growth in online international payments highlights India’s success in various sectors such as entertainment, education, fashion, technology, and tourism.
Our Analysis and Commentary
Indian Businesses Shine on the Global Stage: A Remarkable Growth Story
The recently released International Payments Report by Razorpay offers a fascinating insight into the incredible growth of Indian businesses on a global scale. The findings highlight the tremendous strides made by various sectors, underlining India’s prowess and influence in an increasingly interconnected world.
One of the most striking revelations of the report is the staggering increase in revenue from international viewers for Indian OTT platforms. With a remarkable 194% surge in revenue over the last two years, Indian content creators have successfully captured the attention and hearts of global audiences. This growth not only showcases the immense talent and creativity present in the Indian film industry but also establishes India as a serious competitor to Hollywood.
Furthermore, the ed-tech sector has experienced significant success in the global market. Indian education technology startups have played a pivotal role in reshaping classrooms and transforming traditional learning methods. With a remarkable 51% increase in sales for e-learning platforms internationally, India is proving to be a frontrunner in providing innovative and accessible education solutions.
In the realm of fashion, India’s weavers have mesmerized the world with their exquisite craftsmanship. The report showcases a stunning 163% growth in sales for Indian fashion brands globally. This accomplishment not only highlights the rich heritage and diversity of Indian textiles but also signifies the strong global demand for authentically crafted Indian garments.
Moreover, India’s technology sector has been a key driver of its global influence. The country’s Software as a Service (SaaS) companies witnessed a significant 73% increase in international sales, reaffirming India’s position as a hub for technological innovation. Additionally, India’s Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) sectors experienced an impressive boost in purchase and spending, reflecting the growing reliance on Indian technology solutions worldwide.
In terms of tourism, India has successfully positioned itself as a preferred destination for global travelers. This is evident from the substantial 14x increase in international payments through online travel agencies and a remarkable 12x hike in transactions from travelers around the globe. India’s diverse landscapes, rich cultural heritage, and warm hospitality have undoubtedly played a significant role in attracting international tourists.
The comprehensive analysis provided in the International Payments Report underscores the resilience and innovation-driven approach of Indian businesses. It is a testament to the conducive government policies and the thriving digital payments environment in the country. India has unequivocally embraced the winds of change while staying true to its essence, which has paved the way for its global success.
The positive impact showcased in the report is a cause for celebration and inspiration for businesses across sectors. From legacy brands to startups, Indian enterprises have made an indelible mark on the international stage. This success is a testament to the unwavering spirit of entrepreneurship and the relentless pursuit of excellence that define the Indian business landscape.
Razorpay’s commitment to supporting businesses’ growth and celebrating their achievements is commendable. As India continues to shine brightly on the global stage, it is imperative to recognize and nurture the spirit of innovation and strive for further success in the years to come.
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Indian OTT Platforms Witnessed a Whopping 194% Increase In Revenue From International Viewers – Razorpay’s International Payments Report
With an intent to understand the trends and impact of international transactions on Indian businesses, Razorpay, India’s Leading Full-Stack Payments and Banking Platform for Businesses, has launched the first edition of its International Payments Report. The report analyses over 10 Mn transactions processed on Razorpay’s platform in the last two years, between 1st April, 2021 and 31st July, 2023, to understand how India performed on a global scale, and boy, were we in for a treat!
The International Payments Report titled ‘From India to the World’ studied the remarkable growth in online international payments in 2022-23, with the preceding year (2021-22) serving as a benchmark. The findings clearly suggest that if 2021 saw a boom in digital payments, 2022-23 witnessed a veritable explosion. All findings in this report are based on over 10 Mn international transactions processed on the Razorpay platform between 1st April, 2021 and 31st July, 2023.
From entertaining the world with mammoth productions like RRR and KGF 2, and swaying away everyone to the beats of Naatu Naatu, to India successfully launching Chandrayaan-3 with full josh, it has been a period of euphoria for India.
– While the world grooved on Naatu Naatu: India gave Hollywood a run for its money when Indian OTT platforms saw an increase of 194% in revenue from international viewers in the last two years, and a massive 361% increase in international transactions.
– Then and now, think of knowledge, and you think of India: Keeping up with its legacy, India has now successfully reimagined and reshaped classrooms for the 21st century. With over 4,450 ed tech startups in India today, Indian ed-tech businesses have bolstered the e-learning ecosystem, witnessing 51% more sales for e-learning platforms internationally over the last year.
– Indian weavers got the fashion world on a chokehold: Continuing to keep the world in awe of our nuanced and detailed weavesmanship, India saw a whopping 163% increase in sales for Indian fashion brands globally.
– We have embraced technology and it now powers the world: India’s trade routes witnessed a dramatic turn of events from silks to SaaS (Software As A Service). Indian SaaS (Software As A Service) companies recorded a 73% increase in their international sales, while India’s PaaS (Platform as a Service) witnessed a skyrocketed 74% growth in purchase over the last year. IaaS (Infrastructure as a Service) on the other hand saw a 130% surge in spending within the same period.
– Bringing the world to see India: Amid revenge tourism witnessing a major hike, India succeeded in positioning itself as a preferred tourist destination for global tourists. Online travel agencies witnessed a 14x increase in international payments and a whopping 12x hike in transactions from travelers globally.
Elaborating on the insights, Rahul Kothari, Chief Business Officer, Razorpay said, “With each passing era, India has been successful in embracing and leveraging its global identity, while showcasing its indelible impression on the international stage. From legacy brands to startups, Indian businesses have taken the global audiences by a storm, demonstrating resilience and innovation-first approach. From technology, textiles, education to entertainment and tourism, India has embraced the winds of change without compromising its essence. These insights from the International Payments Report is a testimony to the conducive government policies and the thriving digital payments environment which has bolstered its influence across borders. As our customers’ trusted payments partner, Razorpay will continue to celebrate their success and the spirit of innovation in the last couple of years and help open doors for many more successes to come.”