Wallets/razorpay
Razorpay
0 standards supported
Overview
Razorpay is India's leading B2B payment-aggregator + fintech infrastructure platform, serving 8 million businesses + processing ~1 billion transactions per quarter = ~333M monthly tx + $180 billion annual TPV (2025) [1, 2, in-cro]. Up from $150B annual TPV in 2023.
FY25 financial performance [3]: Revenue +65% YoY to ₹3,783 crore (~$455M); FY24 was ₹2,296 crore; online payments business reached EBITDA-positive territory. Net loss FY25: ₹1,209 crore.
Razorpay IPO 2025-2026 [1, 4]:
- April 2025 — Razorpay reverse-flipped corporate domicile from US back to India + converted to public limited company (mandatory pre-IPO step).
- Late 2025 — Confidential India IPO filing planned: target raise $600-700M + valuation $5-6 billion (down from peak $7.5B 4 years earlier).
- Shareholders approved ₹2,700 crore fresh-issue component of IPO.
- Listing target: by end of 2026 (tentative; subject to market + regulatory approvals).
History
2014 — Razorpay founded [2] by Harshil Mathur (CEO) + Shashank Kumar — IIT Roorkee alumni; Y Combinator alumni.
2020-2022 — Multiple-billion-dollar valuation funding rounds: $7.5B peak valuation.
April 2025 — Reverse-flip from US to India domicile + public-limited-company conversion [1].
FY25 (year ending Mar 31 2025) — Revenue +65% YoY to ₹3,783 crore [3].
Late 2025-2026 — Confidential IPO filing planned at $5-6B valuation (vs $7.5B peak).
Ownership & operator
Operating entity: Razorpay Software Private Limited (post-Apr 2025 conversion to public limited; India-domiciled).
Co-founders: Harshil Mathur (CEO) + Shashank Kumar (CTO).
Major investors: Tiger Global + Sequoia Capital India (now Peak XV) + Y Combinator + Ribbit Capital + MasterCard + GIC Singapore + TCV + Lone Pine Capital.
Regulator: RBI (Reserve Bank of India) — Payment Aggregator license.
Technical integration
| Layer | Description |
|---|---|
| Channels | Razorpay API + merchant checkout + Payment Links + Razorpay X (neobanking) + RazorpayPOS |
| Identifiers | Card + UPI + bank account + netbanking |
| IN rail | [[upi]] (NPCI national A2A rail) |
| Sub-products | Razorpay Payments + Razorpay X (neobanking) + Razorpay Capital (lending) + Razorpay Magic Checkout + RazorpayPOS |
| Countries | IN primary + MY + SG (international expansion) |
| License | RBI Payment Aggregator |
Users & growth
- Businesses served: 8 million
- Quarterly transactions: ~1 billion (~333M monthly)
- Annual TPV: $180B (up from $150B in 2023)
- FY25 revenue: ₹3,783 crore (+65% YoY)
- FY25 net loss: ₹1,209 crore
- Online payments: EBITDA-positive
- IPO valuation target: $5-6B (vs $7.5B peak)
Use cases
Indian merchant online checkout via API (8M businesses; 1B quarterly tx); UPI + cards + netbanking + EMI checkout; Razorpay X neobanking for businesses; Razorpay Capital SME lending; Magic Checkout reduces drop-off; international MY + SG expansion.
Implementations & partners
Operator: Razorpay Software Private Limited.
Co-founders: Harshil Mathur (CEO), Shashank Kumar (CTO).
Major investors: Tiger Global, Sequoia/Peak XV, Y Combinator, Ribbit Capital, Mastercard, GIC Singapore, TCV, Lone Pine Capital.
Major Indian B2B payment-processor competitors:
- [[pine-labs]] (IN POS leader; IPO Nov 14 2025 at ~$3.3B; 915K+ merchants)
- Cashfree (IN payment aggregator)
- CCAvenue (IN payment gateway; Infibeam Avenues subsidiary)
- PayU India (Prosus-owned)
- PhonePe (Walmart-owned; consumer-facing UPI dominant 47%+ share)
- Paytm Payments (consumer + merchant)
Regulator: RBI.
Fun facts
- India's leading B2B payment-aggregator — 8M businesses + $180B annual TPV.
- Co-founders: Harshil Mathur + Shashank Kumar — IIT Roorkee + Y Combinator alumni.
- 2014 launch — IN's fintech-infrastructure pioneer.
- April 2025 reverse-flip from US to India domicile + public-company conversion (pre-IPO).
- FY25 revenue +65% YoY to ₹3,783 crore + EBITDA-positive payments.
- IPO target: $5-6B valuation (vs $7.5B peak 4 years earlier) — valuation reset characteristic of late-2024-2025 IN fintech IPO wave.
- Mastercard among investors — distinctive global-network strategic alignment.
Comparison
| Feature | Razorpay | [[pine-labs]] (IN POS rival) | Cashfree (IN payment aggregator) | [[stripe]] (global analogous developer-first) | [[adyen]] (global analogous enterprise) |
|---|---|---|---|---|---|
| Operator | Razorpay Software Private Limited (Harshil Mathur CEO; Tiger Global + Sequoia + Mastercard + GIC backed) | Pine Labs Ltd (NSE/BSE: PINE; IPO Nov 14 2025) | Cashfree | Stripe Inc. | Adyen N.V. (Euronext: ADYEN) |
| Type | IN B2B payment-aggregator + Razorpay X neobanking + Capital lending + Magic Checkout | IN POS + Setu embedded APIs + Fave + Qwikcilver | IN payment aggregator | Global SMB-to-enterprise developer-first | Enterprise omnichannel + bank license |
| Country | IN + MY + SG | IN | IN | Global | NL HQ + global |
| Merchants | 8M businesses + $180B annual TPV + ~1B quarterly tx | 915K+ merchants + ₹7.5 lakh crore GTV 9-month FY25 | Major IN | Millions globally | Enterprise customers (Uber + Spotify + eBay + Microsoft) |
| IPO status | Pre-IPO confidential filing late 2025; target $5-6B at end-2026 | IPO Nov 14 2025; ~$3.3B market cap | Private | Private (most valuable private fintech) | Euronext-listed ~€7B+ 2018 IPO |
Status
Active, India's leading B2B payment-aggregator with 2026 IPO target [1, 3]:
- Razorpay Software Private Limited since 2014.
- 8M businesses + $180B annual TPV + ~1B quarterly tx (2025).
- FY25 revenue ₹3,783 crore (+65% YoY) + EBITDA-positive online payments.
- 2026 IPO target $5-6B (confidential filing late 2025).
- RBI Payment Aggregator licensed.
Sources
- 1 Razorpay confidential IPO filing — The Paypers
- 2 Razorpay payments pipe powering IN — Unlisted Zone
- 3 Razorpay FY25 +65% revenue — MediaNama
- 4 Razorpay IPO valuation reset — Business Standard
- in-cro In-corpus:
reports/countries/IN-india.md
Source
Biography extracted from razorpay.md. See matrix.md for standards-support matrix if present.