This Razorpay company profile covers the company's valuation, revenue, funding rounds, investors and history. Razorpay works in fintech, with a focus on payments and business banking. It was founded in 2014 and is headquartered in Bengaluru, Karnataka, India. Its latest valuation on record is US$7.5 billion (last private round) (December 2021). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
₹3,783 crore operating revenue, up 65% from ₹2,296 crore — Annual operating revenue, FY2025 (company-reported), as of FY2025. Source: Inc42.
| Metric | Value | As of | Source |
|---|---|---|---|
| Gross profit | ₹1,277 crore, up 41% from ₹906 crore | FY2025 | Inc42 |
| ESOP expense | ₹1,209 crore, plus one-time costs from moving its domicile to India, resulting in a loss | FY2025 | Inc42 |
| IPO filing | Confidential pre-filing with SEBI; reported target valuation of US$5–6 billion | June 2026 | Kotak Neo |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Dec 2021 | Series F | See source | US$7.5B | See source | Kotak Neo |
Razorpay timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2014 — Razorpay is founded in Bengaluru by Harshil Mathur (CEO) and Shashank Kumar.
- Dec 2021 — Series F: See source, valuing the company at US$7.5B.
- FY2025 — Gross profit: ₹1,277 crore, up 41% from ₹906 crore.
- FY2025 — ESOP expense: ₹1,209 crore, plus one-time costs from moving its domicile to India, resulting in a loss.
- June 2026 — IPO filing: Confidential pre-filing with SEBI; reported target valuation of US$5–6 billion.
Investors
Not disclosed.
Overview
Razorpay is one of India's leading payments and business banking companies. It started as a payment gateway that made it easy for Indian businesses to accept online payments and has grown into a broad financial platform: payment acceptance across cards, UPI and other methods, payment links, subscriptions, payouts, payroll, corporate cards, a business banking product called RazorpayX, and lending for merchants. Millions of Indian businesses, from small online sellers to large enterprises, use its services.
Harshil Mathur, the CEO, and Shashank Kumar founded Razorpay in 2014 after studying together at IIT Roorkee. The company went through Y Combinator's accelerator early on and is based in Bengaluru.
How Razorpay makes money
Razorpay's core revenue comes from fees on payments it processes for businesses. In India, the government-backed UPI system has driven a massive shift to digital payments, but UPI transactions for most merchants carry little or no fee, which limits payment revenue per transaction. That's one reason Razorpay has expanded into higher-margin services: business banking, payroll, corporate cards, lending and software products. The broader its platform, the less dependent it is on low-margin payment processing.
FY2025 results
For the year to March 2025, Razorpay reported:
- Operating revenue: ₹3,783 crore, up 65% from ₹2,296 crore.
- Gross profit: ₹1,277 crore, up 41% from ₹906 crore.
- Loss: the company slipped into a loss, driven by an employee stock option (ESOP) expense of ₹1,209 crore and one-time restructuring and tax costs connected with moving its legal domicile to India.
Reports differ on whether ₹1,209 crore was the net loss or the ESOP expense. Inc42 reported that the company didn't disclose the exact loss figure, so we present ₹1,209 crore as the ESOP expense. Our guide to employee option pools explains why stock-based compensation can create large accounting expenses without any cash leaving the company.
The reverse flip
Like many Indian startups, Razorpay was originally structured with a US parent company, which was common because it made raising money from foreign investors easier. Ahead of an Indian IPO, it moved its domicile back to India, a process known as a "reverse flip." Reverse flips usually trigger tax costs, because transferring ownership between jurisdictions can be treated as a taxable event, which contributed to Razorpay's FY25 one-time costs. Reports differ slightly on when the process was completed in 2025.
Valuation and IPO
Razorpay's last private valuation was US$7.5 billion, set in its December 2021 funding round. In June 2026 it filed IPO papers confidentially with India's securities regulator, SEBI. Reports put the IPO size at roughly ₹5,000 crore to ₹6,000 crore, combining new shares and sales by existing shareholders, at a target valuation of US$5 billion to US$6 billion, below the 2021 private valuation. Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi were reported as bankers. A listing at a lower valuation than the last private round is effectively a public-market down round, reflecting lower fintech multiples since 2021 rather than weaker revenue growth.
Competitive landscape
Razorpay competes with other Indian payment gateways, banks' own merchant services, global processors such as Stripe in some segments, and UPI-focused apps. India's payments market is intensely competitive and heavily shaped by regulation from the Reserve Bank of India, including licensing for payment aggregators. Razorpay's advantages are its brand among developers and businesses, its product breadth and its scale.
What to watch next
Watch the progress of its IPO, including the final valuation and timing, growth in banking, lending and payroll products, regulatory developments in Indian payments, and profitability once one-time costs are excluded.
Key facts at a glance
Razorpay is a Bengaluru payments and business banking company founded in 2014 by Harshil Mathur and Shashank Kumar. In FY2025 it reported operating revenue of ₹3,783 crore, up 65%, and gross profit of ₹1,277 crore, but a loss due to a ₹1,209 crore ESOP expense and costs from moving its domicile to India. Its last private valuation was US$7.5 billion in December 2021, and it filed confidentially for an Indian IPO in June 2026 with a reported target of US$5–6 billion.
Why India's payments market is unusual
India's Unified Payments Interface (UPI), built by the National Payments Corporation of India, lets people pay instantly from their bank accounts using a phone number or QR code, usually at no cost. It has become one of the largest real-time payment systems in the world. For consumers and small merchants, that's a huge benefit. For payment companies, it changes the business model, because the most popular payment method generates little direct fee revenue. Payment companies in India therefore compete on the services around payments: reliability, reconciliation, payouts, credit and software.
From payment gateway to business operating system
Razorpay's product expansion follows a familiar pattern in fintech: start with payments, then use the relationship and data to offer more. Once a business processes its payments through Razorpay, it becomes natural to also use Razorpay to pay suppliers and staff, manage business banking, issue corporate cards and borrow working capital. Each additional product increases revenue per customer and makes it harder to switch. Payments data also helps with lending decisions, because it shows how a merchant's business is actually performing.
For investors, the question is how much of Razorpay's revenue and profit comes from these higher-margin products, compared with core payments, where competition and UPI economics keep margins thin.
India's startup IPO wave
Razorpay's filing is part of a broader wave of Indian startups heading to domestic stock markets, encouraged by strong investor appetite for listings in India and rules that make it easier for Indian-domiciled companies to list at home. Several have completed reverse flips to qualify. For employees and early investors, these IPOs offer long-awaited liquidity, though valuations often reflect today's market rather than the peak private prices of 2021.
Watching how Razorpay prices its IPO will be a useful signal for the wider Indian fintech market.
Watch it closely.
We update this Razorpay profile when its IPO filing or new annual results are published.
What this means if you're…
An Indian business: compare payment gateways on success rates, settlement times, fees by payment method and the extra services you need, such as payouts or subscriptions.
A founder with a foreign holding structure: plan the tax cost of any reverse flip well before an IPO.
An investor: Razorpay shows how last private valuations from 2021 can exceed IPO valuations even when revenue has grown strongly.
Latest developments (October 2026)
Razorpay has started its IPO process. It filed draft papers confidentially with India's market regulator SEBI on 12 June 2026, according to Business Today and The Paypers. Reports suggest a listing could come by the end of 2026, with market estimates of a US$5 billion to US$6 billion valuation; these are not company figures. The filing follows Razorpay's 2025 move of its parent company from the US back to India. For FY25 it reported revenue of about ₹3,783 crore and a loss of about ₹1,209 crore. See our largest Indian startups guide.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Razorpay do?
Razorpay is a fintech / payments and business banking company headquartered in Bengaluru, Karnataka, India. It was founded in 2014.
What is Razorpay's valuation?
Razorpay was valued at US$7.5 billion (last private round) as of December 2021, according to Kotak Neo. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Razorpay make?
Razorpay reported ₹3,783 crore operating revenue, up 65% from ₹2,296 crore (annual operating revenue, fy2025 (company-reported)) as of FY2025, according to Inc42.
What was Razorpay's latest funding round?
The most recent financing we have verified is a series f in Dec 2021: See source, at a valuation of US$7.5B. Source: Kotak Neo.
Who founded Razorpay?
Razorpay was founded in 2014 by Harshil Mathur (CEO) and Shashank Kumar.
Is Razorpay a public company?
No. Razorpay is a private company (private, venture backed (ipo filed confidentially)), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Razorpay headquartered?
Razorpay is headquartered in Bengaluru, Karnataka, India.