# Razorpay

> Source: https://docs.barcoder.ai/docs/wallets/razorpay
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Razorpay — official](https://razorpay.com/)

## 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)** <sup>[1][1], [2][2], [India report](https://docs.barcoder.ai/docs/payments/IN)</sup>. Up from $150B annual TPV in 2023.

**FY25 financial performance** <sup>[3][3]</sup>: **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** <sup>[1][1], [4][4]</sup>:
- **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** <sup>[2][2]</sup> 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 <sup>[1][1]</sup>.

**FY25 (year ending Mar 31 2025) — Revenue +65% YoY to ₹3,783 crore** <sup>[3][3]</sup>.

**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 QR](https://docs.barcoder.ai/docs/standards/upi-qr)** (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

**2025 baseline** <sup>[1][1], [2][2]</sup>:
- **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](https://docs.barcoder.ai/docs/wallets/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](https://docs.barcoder.ai/docs/wallets/pine-labs) (IN POS rival) | Cashfree (IN payment aggregator) | [Stripe](https://docs.barcoder.ai/docs/wallets/stripe) (global analogous developer-first) | [Adyen](https://docs.barcoder.ai/docs/wallets/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** <sup>[1][1], [3][3]</sup>:
- **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]: https://thepaypers.com/payments/news/razorpay-plans-confidential-ipo-filing-in-india-targeting-usd-600-mln-raise "Razorpay confidential IPO filing $600-700M — The Paypers"
[2]: https://unlistedzone.com/razorpay-the-payments-pipe-powering-indias-internet-economy "Razorpay payments pipe powering IN — Unlisted Zone"
[3]: https://www.medianama.com/2025/10/223-razorpay-fy25-65-percent-revenue-growth-ipo-plans/ "Razorpay FY25 +65% revenue — MediaNama"
[4]: https://www.business-standard.com/markets/ipo/razorpay-ipo-confidential-filing-fintech-valuation-reset-india-126042200804_1.html "Razorpay IPO valuation reset — Business Standard"
[in-cro]: https://docs.barcoder.ai/docs/payments/IN

- [1] [Razorpay confidential IPO filing — The Paypers][1]
- [2] [Razorpay payments pipe powering IN — Unlisted Zone][2]
- [3] [Razorpay FY25 +65% revenue — MediaNama][3]
- [4] [Razorpay IPO valuation reset — Business Standard][4]
- <sup>[India report](https://docs.barcoder.ai/docs/payments/IN)</sup> In-corpus: `reports/countries/IN-india.md`

## Source

Biography extracted from [razorpay.md](https://docs.barcoder.ai/source/wallets/razorpay). See `matrix.md` for standards-support matrix if present.