Razorpay

What Razorpay does

Razorpay is a Bengaluru-based full-stack payments and banking platform founded in 2014 by Harshil Mathur and Shashank Kumar. The company operates an RBI-authorised Payment Aggregator (via Razorpay Payments Private Limited, effective January 1, 2026), an RBI Payment Aggregator Cross Border licence, and a TPAP/acquiring switch position for UPI via its NPCI relationship. Its product portfolio spans core payment acceptance (Payment Gateway, Payment Aggregator, Payment Links, Payment Pages, Payment Buttons, Webstore, QR Codes) through the RazorpayX business banking suite (current accounts, payouts, payroll, escrow, forex/FDI, corporate cards, digital lending, Razorpay Capital) to AI-native optimisation and checkout products (Optimizer, Magic Checkout, TokenHQ, Turbo UPI, TPAP Pro, UPI Acquiring Switch, Passkey biometric, DataSync, Razorpay CLI, MCP Server). The company supports 100+ payment methods across 50M+ businesses with $180B in annualized TPV, serving enterprise customers including Flipkart, Swiggy, Zomato, BookMyShow, Zerodha, CRED, Ather, Nykaa, BMW India, and Decathlon alongside 36 of India's top unicorns.

The platform is built on AWS infrastructure with PCI DSS Level 1, ISO 27001, and SOC 2 Type 2 certifications, and is differentiated by AI-driven intelligent routing (Optimizer), predictive checkout (Magic Checkout), and emerging agentic commerce infrastructure (CLI, MCP Server, NPCI UPI Reserve Pay). Razorpay monetises primarily through a 2% standard take rate on payment gateway transactions (3% on AMEX and international cards), supplemented by subscription and add-on fees (0.5% on recurring billing), RazorpayX banking-as-a-service subscriptions, Razorpay Capital lending income, and cross-border/FX fees. Distribution is hybrid: product-led self-serve for SMBs and developers, direct enterprise sales for large accounts, and a partner/reseller channel (e.g., RateGain's RG Pay Platinum Partner program). International operations span Malaysia (Curlec), Singapore, and the US.

In FY25, Razorpay reported operating revenue of Rs 3,783 crore (up ~65% YoY). The company completed a reverse domicile from the US to India in May 2025 (one-time tax cost of approximately $150M), converted to a public limited company, transferred PA operations to the RBI-licensed entity, and confidentially filed a DRHP with SEBI on June 15, 2026 for an IPO targeting a $600-700M raise at a $5-6B valuation, a markdown from its $7.5B 2021 peak. Strategic priorities heading into the public market include AI-native agentic commerce, cross-border payments, and tighter focus on the omnichannel core after a pivot away from stand-alone offline POS, which contributed only ~6% of FY25 revenue.

Name

Razorpay

Legal name

Razorpay Software Limited (formerly Razorpay Software Private Limited)

Website

https://razorpay.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Razorpay is an RBI-authorised Indian payments and banking platform that processes $180B in annualized TPV across 50M+ businesses via its core payment gateway, RazorpayX business banking suite, lending, and AI-native checkout and agentic commerce products, serving 36 of India's top unicorns plus distributed SMBs.

Ownership category

akta.pro rank

Product category

Online Payments Platform (Payment Gateway & Aggregator)

NAICS

Credit Card Issuing (522210), Consumer Lending (522291), Nondepository Credit Intermediation (5222), Other Activities Related to Credit Intermediation (52239)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320), Personal Credit Institutions (6141)

akta.pro primary industry

Processor Back-End & Switch Providers (Issuer/Acquirer Processing Infrastructure) (FSAMABAJ)

akta.pro secondary industries

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

Keywords

• Online payment gateway
• Merchant payment processing
• Payment aggregation services
• Business banking platform
• Payment orchestration software

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Payment Gateway Transaction Fees: Take rate on every successful payment processed through the payment gateway (e.g., 2% standard platform fee). Primary revenue engine; usage-based, scales with merchant TPV.
2. RazorpayX (Banking-as-a-Service): Recurring SaaS and banking fees for current accounts, payroll, payouts, vendor payments, and automated accounting via the RazorpayX business banking platform.
3. Razorpay Capital (Lending): Revenue from working capital, merchant cash advances, and growth capital loans underwritten using Razorpay's payment data and risk models.
4. POS (Razorpay POS / Thirdwatch): Revenue from PoS terminals deployed at retail merchants and ePoS/PoS devices for online and in-person card and QR acceptance.
5. Cross-Border and International Payments: FX and cross-border payment fees, including inward remittances and international card acceptance via partnerships with networks such as Mastercard and Visa.
6. Subscriptions and Recurring Billing: Subscription management platform revenue (e.g., 0.5% add-on fee) on top of payment processing for SaaS, D2C, and subscription merchants.
7. Value-Added Services and Add-ons: Revenue from premium add-ons such as Magic Checkout, Optimizer, TokenHQ, fraud tools, and enterprise platform fees.

Pricing tiers

Go-to-market motion5 records

Distribution channels7 records

Marketing channels12 records

Core offering

Razorpay is an AI-native full-stack payments and business banking platform that enables businesses to accept, process, and disburse payments online and offline. Its core offering is an RBI-authorized payment gateway and payment aggregator supporting 100+ payment methods (cards, UPI, netbanking, wallets, BNPL, EMI, international cards) for merchants of all sizes, complemented by RazorpayX business banking (current accounts, payouts, payroll), Razorpay Capital lending, and value-added services like Magic Checkout, Optimizer, TokenHQ, and TPAP Pro.

Product overview

Razorpay operates as a unified fintech platform-plus-modules architecture, anchored by its RBI-authorized core Payment Aggregator and Payment Gateway products and supported by a broad portfolio of complementary modules under three interconnected suites: Payments (Payment Gateway, Payment Aggregator, Payment Links, Payment Pages, Payment Buttons, Webstore, QR Codes, UPI Payments including Turbo UPI and UPI AutoPay, Magic Checkout, Subscriptions, Instant Settlement, Optimizer, International Payments, Invoices, Smart Collect, Route, TokenHQ, Flash Checkout, TPAP Pro, UPI Acquiring Switch, Passkey, Razorpay CLI, MCP Server, and the acquired Ezetap offline POS), Banking+ delivered through RazorpayX (Current Accounts, Payouts, Payout Links, Source to Pay, Escrow+ Account, Forex/FDI Transfers, Bank Account Verification, Tax Payments, Digital Lending, Corporate Cards, Razorpay Capital, Line of Credit, Company Registration via Rize), and Payroll (Payroll for Startups, CAs, and Enterprises). The platform is integrated with major eCommerce plugins (Shopify, Magento, WooCommerce, Wix, BigCommerce, CS Cart, PrestaShop), global card networks (Mastercard, Visa, Google Pay), and AI platforms (OpenAI Codex, Anthropic Claude), enabling both traditional payment flows and emerging agentic commerce, voice-led, and conversational commerce experiences across online and offline channels.

Differentiator

Problem solved

Functional benefit

Brands

• RazorpayX: Business banking suite offering current accounts, payouts, payroll, vendor payments, forex/FDI transfers, escrow accounts, corporate cards, and tax payments for businesses
• Razorpay POS
• Razorpay Capital
• Razorpay Magic Checkout
• Razorpay Optimizer
• Razorpay TokenHQ
• Razorpay Webstore
• Razorpay Rize
• Curlec

Products and services

• Payment Aggregator RBI-authorized payment aggregation service for businesses to accept online payments through cards, UPI, netbanking, wallets, EMIs, and PayLater, with comprehensive checkout, dashboard, and developer-friendly APIs. Operated by Razorpay Payments Private Limited as the RBI Authorised Payment Aggregator.
• Payment Gateway Online payment gateway supporting 100+ payment methods with high success rates, developer-friendly APIs, PCI DSS Level 1 compliance, and conversion-optimized checkout for websites and apps.
• Payment Links
• Payment Pages
• Payment Buttons
• Razorpay Webstore
• QR Codes
• UPI Payments (Complete UPI Stack)
• Magic Checkout
• Subscriptions
• Optimizer
• International Payments
• TokenHQ (Card Tokenisation)
• Flash Checkout
• UPI AutoPay
• Passkey Biometric Authentication RBI-compliant biometric authentication solution developed in partnership with Mastercard and Visa that replaces OTPs with biometric verification anchored to user devices for card transactions.
• Razorpay CLI Command Line Interface enabling developers to manage payments directly from coding environment without switching to dashboards. Integrates with Anthropic Claude Cowork and OpenAI Codex for AI agent interaction with Razorpay.
• Razorpay MCP Server Model Context Protocol server enabling AI agents and tools like OpenAI Codex and Anthropic Claude Cowork to interact with Razorpay for payment queries, refunds, and to embed payments in AI-built applications.
• TPAP Pro (White-label UPI)
• UPI Acquiring Switch
• Razorpay POS
• RazorpayX (Banking Suite)
• RazorpayX Current Account
• Payouts
• Payout Links
• Source to Pay (AP Automation)
• Escrow+ Account
• Forex/FDI Transfers
• Bank Account Verification
• Tax Payments
• Corporate Cards
• Payroll
• Razorpay Capital
• Line of Credit
• Digital Lending
• Company Registration (Razorpay Rize)
• Invoices
• Smart Collect
• Route (Marketplace Payouts)
• DataSync (No-Code Data Integration) No-code data integration platform that syncs Razorpay payment and business data into downstream systems, warehouses, and SaaS apps.
• Instant Settlement
• MoneySaver Export Account (International Bank Transfers)
• Curlec (Malaysia & Southeast Asia)
• Accept Payments from India (Global Businesses)
• Payments Mobile App
• Razorpay App Store

Quantifiable outcome

• FY25 revenue of Rs 3,783 crore, up ~65% YoY
• +6 more outcomes

Named customers45 records

Segments10 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

AI capability13 records

Feature10 records

Partnerships

21 partnerships are on record, tiered flagship, major and minor.

• Ezetap (now part of Razorpay)flagshipStrategic or Co-development Partner · 18 August 2022Razorpay acquired a majority stake in Ezetap, a leading offline digital payments and PoS company, for $150 million in an all-cash deal announced in 2022. The acquisition brought Ezetap's PoS and merchant acquiring capabilities under Razorpay and expanded its offline retail presence.
• TERA FinlabsflagshipStrategic or Co-development Partner · 19 July 2021Razorpay announced the acquisition of TERA Finlabs, a technology startup focused on lending technology, marking Razorpay's entry into the lending technology business. The deal added AI-driven lending capabilities that power Razorpay Capital.
• MastercardflagshipStrategic or Co-development PartnerStrategic partnership with Mastercard (and Visa) to build card-network-agnostic biometric passkey authentication, enabling passwordless, biometric card payments on the Razorpay platform.
• VisaflagshipStrategic or Co-development PartnerStrategic partnership with Visa (and Mastercard) to build card-network-agnostic biometric passkey authentication and to power cross-border and tokenized card payments.
• Google Pay (cross-border)majorTechnology or IntegrationIntegration with Google Pay for cross-border / international payment flows, enabling Razorpay merchants to accept international payments.
• OpenAIflagshipStrategic or Co-development PartnerStrategic collaboration with OpenAI to integrate Codex and other AI capabilities into Razorpay's developer and merchant experiences, supporting AI-native commerce.
• BiteSpeedmajorTechnology or IntegrationIntegration with BiteSpeed to power AI-driven D2C conversion and an agentic commerce stack, enabling conversational AI agents to complete checkout flows.
• FyndmajorTechnology or IntegrationIntegration with Fynd to deliver omnichannel agentic commerce, enabling AI agents to discover, transact, and fulfill across online and offline channels.
• RateGainmajorChannel Partner/ Reseller/ DistributorRateGain is a Platinum Partner for RG Pay (powered by Razorpay), co-delivering payment solutions to travel, hospitality, and adjacent verticals.
• Sarvam AImajorTechnology or IntegrationIntegration with India's Sarvam AI for multilingual AI commerce experiences (referenced as part of the Swiggy-Sarvam multilingual commerce pilot).
• DPIIT (Department for Promotion of Industry and Internal Trade)majorGTM or Marketing PartnerMoU with DPIIT, Government of India, to support the startup ecosystem, including the Razorpay Rize program and other initiatives to enable Indian startups.
• Plug and Play IndiaminorGTM or Marketing PartnerMoU with Plug and Play India to support fintech and startup ecosystem programs.
• Government of Madhya Pradesh (MSME Department)majorGTM or Marketing PartnerMoU with the Madhya Pradesh Department of MSME to drive digital payment adoption and entrepreneurship in the state.
• Government of Bihar (Industries Department) / Startup BiharminorGTM or Marketing PartnerMoU with the Bihar industries department to support Startup Bihar and Razorpay Rize, advancing startup and MSME digital enablement in the state.
• NPCI (National Payments Corporation of India)flagshipStrategic or Co-development PartnerStrategic partnership with NPCI for UPI acquiring, TPAP operations, and RuPay / UPI ecosystem initiatives.
• Pine LabsmajorTechnology or IntegrationPoS partner integration enabling Razorpay to leverage Pine Labs' offline retail footprint for in-person card and digital payments.
• AWS (Amazon Web Services)flagshipTechnology or IntegrationCore cloud infrastructure partner; Razorpay runs its payments and banking platform on AWS.
• CRED (CardSync)majorTechnology or IntegrationPartnership with CRED for CardSync, allowing CRED users to sync cards and pay credit card bills through the Razorpay rails.
• Stripe, MongoDBminorGTM or Marketing PartnerCo-branded hackathon partners with Razorpay's developer and student community programs.
• Anthropic (in discussion)majorStrategic or Co-development PartnerRazorpay has publicly indicated it is in discussions with Anthropic to access advanced AI models (codename 'Mythos' reported in the article) for its commerce and agentic AI roadmap.
• Swiggy (Embryo / Sarvam multilingual commerce)majorStrategic or Co-development PartnerRazorpay powers payments for the Swiggy-Sarvam AI multilingual commerce pilot (Embryo), enabling AI-led, vernacular checkout flows.

Scale indicators14 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• PayU: PayU operates an India-focused payment gateway and aggregator business (PayU India) plus the BillDesk platform, competing head-to-head with Razorpay on online merchant payments, UPI, and cross-border. Closest direct competitor by product mix and SMB/enterprise target market.
• PhonePe: PhonePe is the largest UPI payment app in India and a direct competitor on consumer UPI, merchant acquiring, and bill payments. Backed by Walmart, it competes aggressively with Razorpay for the same merchant base and shares the UPI zero-MDR constraints.
• Paytm: Paytm operates a payments super-app spanning UPI, wallets, payment gateway, POS, and merchant lending — overlapping Razorpay across nearly every product line. Listed Indian fintech comparable with comparable customer base and regulatory exposure.
• Cashfree Payments: Cashfree is an RBI-authorized Indian payment aggregator and gateway with strong API-led, developer-first positioning and payouts/refunds focus. Direct SMB/enterprise competitor to Razorpay, also holding a PA-CB cross-border license.
• CCAvenue: CCAvenue is one of India's longest-running payment gateways with broad payment method coverage, particularly strong in SMB and enterprise online checkout. Comparable merchant base and pricing model to Razorpay's Standard plan.
• Juspay: Juspay is an India-based payment orchestration and checkout platform serving large enterprises (including airlines and merchants) with intelligent routing comparable to Razorpay's Optimizer. Direct competitor in the high-volume enterprise orchestration layer.
• BharatPe: BharatPe is an Indian merchant payments and lending fintech focused on offline QR and PoS merchants. Competes with Razorpay POS and Razorpay Capital in the offline/SME merchant segment.
• Pine Labs: Pine Labs is a leading Indian POS and offline merchant payments platform and a Razorpay partner (referenced in distribution). Competes directly with Razorpay POS and Ezetap on in-store card and digital acceptance.

Broad incumbents

• Stripe: Stripe is a global internet payments platform that has expanded into India and offers comparable APIs, developer tooling, and an MCP server story to Razorpay. Comparable in technology depth and developer-first GTM, but with much broader international scale.
• Adyen: Adyen is a global, enterprise-grade payments platform offering unified online, in-person, and platform payment processing. Comparable to Razorpay in targeting large enterprise merchants with omnichannel and cross-border offerings, though at materially larger global scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/razorpay
• GitHubgithub.com/razorpay
• Facebookfacebook.com/razorpay
• LinkedInlinkedin.com/company/razorpay
• Instagraminstagram.com/razorpay

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds10 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Razorpay