Razorpay scales outbound merchant engagement with ElevenAgents

Razorpay is India’s omnichannel payments platform for businesses, serving millions of merchants with payment gateway, business banking via partner banks, payroll, and lending services. 

Razorpay deployed ElevenAgents to power outbound voice agents in Hinglish across merchant onboarding, churn recovery, feature adoption, and incident management. With 35,000+ calls completed so far, and scaling quickly across five different use cases, the team is achieving close to 28% connection rate - on par with human call center benchmarks - at a fraction of the operational cost.

Reaching millions of merchants where phone calls couldn’t

Razorpay serves a highly diverse merchant base, with businesses at varying stages of onboarding, activation, and growth. While many merchants move seamlessly through the journey, some require additional nudges or support at key moments, such as completing KYC steps like video verification or bank account linking, or progressing from onboarding to active transactions.

At this scale, delivering timely, consistent, and personalized outreach across regions and languages presents a natural operational challenge. This is where automation and intelligent communication become critical, enabling Razorpay to engage merchants more proactively and effectively, while maintaining a high-quality experience across the lifecycle.

The team identified a number of use cases where outbound voice agents could drive immediate impact.

Churn recovery

To re-engage previously active merchants who stopped transacting is a key focus at Razorpay’s scale.

To address this, the team deployed ElevenAgents to understand their reasons for disengaging, and guide them back with relevant, contextual information. Each interaction goes beyond the conversation, capturing structured insights such as the merchant’s intent to return and the specific reasons for drop-off.

These inputs feed directly into Razorpay’s internal analytics dashboard, enabling the growth team to identify patterns and take more informed, scalable actions rather than relying on one-off interventions.

Feature adoption

As Razorpay’s product suite has expanded beyond core payments to include offerings like international payments, payroll, and business banking, driving awareness and adoption at scale has become increasingly important.

To enable this, voice agents proactively reach out to merchants with relevant product information, gauge interest in real time, and capture structured responses from each interaction. This allows teams to move beyond one-way communication like email, and instead drive more targeted, measurable cross-product adoption across the merchant base.

Incident management

During service incidents, timely and coordinated communication with both internal stakeholders and affected merchants is critical.

Razorpay is working towards automating these outbound calls with ElevenAgents, reducing manual effort in high-urgency situations and ensuring consistent communication across the organization.

Structured insights from every conversation

Beyond conducting calls, a key differentiator of the deployment is what happens after each conversation. Using our post-call analysis capabilities, Razorpay defines custom data extraction fields per campaign - merchant intent level, drop-off reason, interest in specific features - and has them automatically populated from call transcripts.

This structured data feeds directly into Razorpay’s internal analytics dashboard, which has become the source of truth for measuring outbound campaign impact. The insights are regularly reviewed by teams, reflecting how deeply the capability is embedded across the organization.

Why ElevenLabs

ElevenAgents provided a platform Razorpay could build on, not a black box. The integration was straightforward - clear documentation, intuitive webhook setup, and the first campaign went live without dedicated engineering support. Capabilities that would have taken months to build from scratch - busy detection, dynamic variable injection per merchant, mid-conversation branching, and structured post-call analysis - were available out of the box.

Partnering with ElevenLabs has further strengthened how we bring intelligence and scale to merchant engagement across the lifecycle. What stood out was the ability to go beyond just automation, to create conversations that feel natural, contextual, and truly responsive to merchant needs.

As we continue building an AI-first fintech stack at Razorpay, this integration plays a key role in embedding real-time, conversational intelligence into our operations, helping us move from reactive outreach to more proactive, insight-driven engagement at scale.

– Khilan Haria, CPO, Razorpay

The deployment runs entirely in Hinglish - the natural code-switching between Hindi and English that is standard in Indian business communication. Razorpay’s merchants expect conversation that reflects the way business is actually conducted across India, not English-only scripts. Our voice models deliver the naturalness and low latency needed to keep merchants engaged through an entire outbound call.

Impact and results

Razorpay has completed 35,000+ outbound calls across five or more recurring campaigns, showing that AI-powered outbound calling can scale efficiently while maintaining human effectiveness.

Early results also indicate improved reactivation rate and churn reduction.

What’s next

Razorpay plans to extend ElevenAgents across additional merchant lifecycle touchpoints. As the team expands campaigns, the structured data flowing from every conversation will compound, giving Razorpay an increasingly rich view of merchant needs, friction points, and growth opportunities.

This deployment is part of a broader shift at Razorpay toward embedding AI as a core operational layer. With recent launches including an agentic platform, agent studio, agentic payments, and agentic business banking, the company is building what it describes as India’s first AI-native fintech stack.

Beyond scaling its own merchant engagement, Razorpay is also bringing ElevenAgents as a connector on Razorpay Agent Studio, enabling businesses on the platform to deploy conversational AI for use cases like subscription renewals, cart recovery, and customer re-engagement.

Here's a preview.

ElevenAgents is powering the conversational layer of that vision.