‹ StopDownRazorpay

Razorpay

Payments, banking and lending tools for Indian businesses

BengaluruFounded 2014PaymentsIPO filed (confidential)Website ↗LinkedIn ↗X ↗Careers ↗
$7.5BLast private valuationDec 2021
Rs 3,783 CrOperating revenueFY25
65%Revenue growthFY25
◎The short version9 key points
  • Razorpay builds payment gateways, business banking and lending tools for Indian companies, and it was founded in 2014.MoneycontrolBusiness Standard
  • It joined the Y Combinator programme in March 2015, when it was based in Jaipur, and the founders are IIT Roorkee alumni.YourStory.com
  • Its biggest private raise was a $375 million Series F in December 2021, which valued it at $7.5 billion.Moneycontrol.com
  • It has bought several firms, including Thirdwatch, TERA Finlabs, Curlec, iZealiant, Ezetap, PoshVine and BillMe.Inc42The HinduEntrackrMoneycontrol.comEntrackrEntrackrbfsi.economictimes.indiatimes.com
  • In May 2025 it moved its parent company from the US back to India, which cleared the way for an Indian listing.The Economic Times
  • It now holds Reserve Bank of India licences for online, offline and cross-border payments.Inc42
  • The Supreme Court dismissed a money-laundering appeal against it in March 2026, which removed a legal hurdle for its listing.Moneycontrol.comInc42
  • It filed draft IPO papers confidentially with the market regulator in 2026, with reports of a raise near $600 million.ReutersInc42
  • In October 2026 Apple Pay went live through Razorpay for merchants such as Zepto, Ixigo, IndiGo, Tata 1mg and JioMart.Business Standard
↗Timeline34 events
2015
Mar 2015

Picked for Y Combinator, with about $120,000

YourStory.com
Oct 2015

Series A: $9M led by Tiger Global, with a $2.5M seed disclosed

MediaNama
2018
Jan 2018

Series B: $20M

Inc42
2019
Jun 2019

Series C: $75M led by Ribbit Capital and Sequoia India

YourStory.com
Aug 2019

Bought AI fraud platform Thirdwatch

Inc42
2021
Apr 2021

Raised $160M at a $3B valuation

Inc42
Jul 2021

Bought lending tech firm TERA Finlabs

The Hindu
Dec 2021

Series F: $375M at a $7.5B valuation

Moneycontrol.com
2022
Feb 2022

Took a majority stake in Malaysia's Curlec

Entrackr
Mar 2022

Bought Pune-based iZealiant Technologies

Moneycontrol.com
Aug 2022

Bought over 80% of point-of-sale firm Ezetap

Entrackr
Sep 2022

Bought loyalty firm PoshVine

Entrackr
2023
Sep 2023

Bought digital invoicing startup BillMe

bfsi.economictimes.indiatimes.com
2025
Mar 2025

Expanded into Singapore

Inc42
Apr 2025

Became a public limited company ahead of a possible IPO

Inc42
May 2025

Completed its move from the US back to India

The Economic Times
Jun 2025

Put $30M into UPI app POP and took a majority stake

Entrackr
Oct 2025

Began a ChatGPT payments pilot with NPCI and OpenAI

Business Standard
Oct 2025

FY25 revenue up 65%, with a loss tied to the move to India and share-option costs

Inc42
Dec 2025

Got RBI cross-border payments licence

Inc42
2026
Jan 2026

Began IPO preparations and invited bids from bankers

Inc42
Jan 2026

Got RBI offline payments licence

Inc42
Feb 2026

Picked Axis Capital, Kotak Mahindra, JP Morgan and Citi for the IPO

The Economic Times
Feb 2026

Added agentic payments in Claude and partnered with Replit

Entrackr
Mar 2026

Supreme Court dismissed the ED appeal in a money-laundering case

Moneycontrol.comInc42
Mar 2026

Launched Agentic AI Studio for merchants

Inc42
Mar 2026

Partnered with Sarvam AI on voice-based shopping

Indian Startup News
Mar 2026

Launched Passkey biometric card authentication with Mastercard

Entrackr
Apr 2026

Reported to be preparing a confidential IPO filing

Inc42
May 2026

Apuarv Sethi named chief marketing officer

Indian Startup News
Jun 2026

Filed draft IPO papers confidentially

Reuters
Aug 2026

Hired four senior AI and engineering executives

Business Standard
Aug 2026

Launched Vulcan, an AI model for payment success and fraud

Fortune India
Oct 2026

Brought Apple Pay to merchants

Business Standard
₹Funding6 rounds
$0.12MYC$9MA$20MB$75MC$160M$375MF

Bar height shows relative size of each round.

Y CombinatorMar 2015
$120,000
Y Combinator
YourStory.com
Series AOct 2015
$9 million
Tiger Global (lead), Matrix Partners
MediaNama
Series BJan 2018
$20 million
Tiger Global, Y Combinator
Inc42
Series CJun 2019
$75 million
Ribbit Capital and Sequoia India (leads), Tiger Global, Y Combinator
YourStory.com
Growth roundApr 2021
$160 million
Inc42
Series FDec 2021
$375 million
Lone Pine Capital, Alkeon Capital and TCV (leads), Tiger Global, Sequoia Capital India
Moneycontrol.com
⇄Deals and partnerships12 items
Aug 2019Thirdwatch

AI fraud detection for online sellers

UndisclosedInc42
Jul 2021TERA Finlabs

AI risk platform for embedded lending

UndisclosedThe Hindu
Feb 2022Curlec

Recurring payments in Malaysia, majority stake

Valued above $19 millionEntrackr
Mar 2022iZealiant Technologies

Cloud payment processing for banks

UndisclosedMoneycontrol.com
Aug 2022Ezetap

In-store card payments, over 80% stake

UndisclosedEntrackr
Sep 2022PoshVine

Payment-linked loyalty tools for banks

UndisclosedEntrackr
Sep 2023BillMe

Digital invoicing for merchants

About $10 million, unconfirmedbfsi.economictimes.indiatimes.com
Jun 2025POP

Rewards-first UPI app, majority stake

$30 millionEntrackr
Oct 2025NPCI and OpenAI

Pilot for payments inside ChatGPT

UndisclosedBusiness Standard
Feb 2026Replit

Cross-border payments partnership

UndisclosedEntrackr
Mar 2026Sarvam AI

Voice-based shopping in regional languages, first on Swiggy

UndisclosedIndian Startup News
Mar 2026Mastercard

Passkey biometric card authentication

UndisclosedEntrackr
▣Products7 items
Payment gateway

Lets businesses accept online payments.

YourStory.comMoneycontrol
Razorpay POS

In-store card payments, backed by an RBI licence for offline payments.

Inc42Entrackr
Razorpay Capital

Lending for small businesses, started in 2019.

The Hindu
Agentic AI Studio

A marketplace of AI agents for tasks like payment recovery and dispute handling.

Inc42
Passkey

Biometric sign-off for card payments, built with Mastercard and following RBI rules.

Entrackr
Vulcan

An AI model trained on payment data to lift success rates and spot fraud.

Fortune India
Apple Pay

Face ID or Touch ID checkout for online and in-store merchants.

Business Standard
●People5 people
Apuarv Sethi

Chief marketing officer from May 2026. Joined in 2021 and leads marketing and small business growth.

Indian Startup News
Sudhir Reddy

Hired in Aug 2026. Co-founder of Divyam.ai.

Business Standard
Abhishek Agarwal

Hired in Aug 2026. Joined from Microsoft.

Business Standard
Bhavya Shivaprakash

Hired in Aug 2026. Joined from Salesforce.

Business Standard
Anuj Mathur

Hired in Aug 2026. Joined from Cred.

Business Standard
§Licences and legal4 items
May 2025

Moved its parent company from the US to India. The regional director of the corporate affairs ministry approved the merger.

The Economic Times
Dec 2025

The RBI gave it a licence to work as a cross-border payment aggregator.

Inc42
Jan 2026

The RBI gave it a physical payment aggregator licence. It now holds online, offline and cross-border licences.

Inc42
Mar 2026

The Supreme Court dismissed the Enforcement Directorate's appeal and kept a Karnataka High Court order that quashed money-laundering proceedings.

Moneycontrol.comInc42

Every line links to the article it came from, written in our own words. Not investment advice.