Indian Over-The-Top (OTT) platforms have demonstrated significant growth in the global market, witnessing a 194% increase in revenue from international viewers over the last two years and a 361% growth in annual transactions, according to the first edition of Razorpay’s International Payments Report.
The report is based on data from over 10 million transactions processed on the platform between April 1, 2021 and July 31, 2023.
Further, the International Payments Report also sheds light on the growth of other sectors within the Indian market.
Edtech businesses, in particular, have bolstered the e-learning ecosystem, witnessing a remarkable 51% increase in international sales for e-learning platforms over the last year. Countries like UAE, Singapore, Malaysia, Australia, Qatar, Saudi Arabia, USA, and Canada have emerged as major importers of Indian edtech products based on Razorpay transactions.
Additionally, Indian SaaS (software-as-a-service) companies have recorded a significant 73% increase in their international sales, while India’s PaaS (platform-as-a-service) and IaaS (infrastructure-as-a-service) have experienced growth at 74% and 130%, respectively.
The fashion industry has also witnessed a remarkable surge in sales, with Indian fashion brands recording a remarkable 163% increase in sales globally. Women’s clothing sales have seen an impressive 86% boost, while men’s wear brands have experienced a staggering 3.5X increase in global spending.
Online travel agencies, too, have experienced a massive upswing, with a remarkable 14X increase in international payments and an astounding 12X hike in transactions from travellers across the globe.
Edited by Affirunisa Kankudti
