Indian OTT (over the top) platforms saw an increase of 194 per cent in revenue from international viewers in the last two years, and a 361 per cent increase in international transactions, according to Razorpay’s International Payments Report.
The report, intended to understand the trends and impact of international transactions on Indian businesses, is based on findings from over 1 crore international transactions processed on Razorpay’s payments and business banking platform between April 2021 and July 2023.
The report said that India’s ed-tech business, with over 4,450 startups, saw 51 per cent more sales for e-learning platforms internationally over the last year and 36% increase in demand for professional courses. Ed-tech was India’s leading digital export to UAE, Singapore, Malaysia, Australia, USA, Qatar, Saudi Arabia and Canada.
“From legacy brands to startups, Indian businesses are demonstrating resilience and innovation-first approach. From technology, textiles, education to entertainment and tourism, India has embraced the winds of change,” Chief Business Officer Rahul Kothari said, adding that the thriving digital payments environment has bolstered its influence across borders.
International sales for Indian fashion brands increased 163 per cent led by 86 per cent rise in sales for women’s clothing and 3.5-fold increase in spends for menswear brands.Sales for Indian SaaS (Software As A Service) companies rose 73 per cent and for PaaS (Platform as a Service) companies by 74 per cent over the last year. Further, there was 130 per cent increase in spending on IaaS (Infrastructure as a Service) globally.
Online travel agencies witnessed a 14-fold increase in international payments and a 12 times increased in transactions from travellers globally, the report said.