Happy to have you explore and try out our APIs, however for real money movement, the regulations do require a company formation. As others mentioned on the thread, a one person company or llp is very easy to form and hardly takes a couple of days in today's environment in India.
I would suggest to form that since you would anyways want to do it at some point of time, plus you don't want any financial liability to affect your personal assets. Happy to help you walk though our product and answer any queries around the same or even company formation - https://calendly.com/raunak_dembla/introduction-to-decentro?...
As for Razorpay, yes, they are more like Stripe for India both in their product and roadmap. Razorpay X is a new neo-bank in the country.
Cheers!