Razorpay

Razorpay revenue and profit by year

As reported for each financial year; where sources disagree the figure is left out rather than picked.

Funding rounds

Timeline

• 2015
• Mar 2015 Picked for Y Combinator, with about $120,000 YourStory.com
• Oct 2015 Series A: $9 million led by Tiger Global, with a $2.5 million seed disclosed MediaNama
• 2018
• Jan 2018 Series B: $20 million Inc42
• 2019
• Jun 2019 Series C: $75 million led by Ribbit Capital and Sequoia India YourStory.com
• Aug 2019 Bought AI fraud platform Thirdwatch Inc42
• 2021
• Apr 2021 Raised $160 million at a $3 billion valuation Inc42
• Jul 2021 Bought lending tech firm TERA Finlabs The Hindu
• Dec 2021 Series F: $375 million at a $7.5 billion 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 $30 million 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

The short version

• 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

Deals and partnerships

Razorpay deals and partnerships, as announced

When	With	What	Price	Source
Aug 2019	THThirdwatch	AI fraud detection for online sellers	Undisclosed	Inc42
Jul 2021	TFTERA Finlabs	AI risk platform for embedded lending	Undisclosed	The Hindu
Feb 2022	CUCurlec	Recurring payments in Malaysia, majority stake	Valued above $19 million	Entrackr
Mar 2022	ITiZealiant Technologies	Cloud payment processing for banks	Undisclosed	Moneycontrol.com
Aug 2022	EZEzetap	In-store card payments, over 80% stake	Undisclosed	Entrackr
Sep 2022	POPoshVine	Payment-linked loyalty tools for banks	Undisclosed	Entrackr
Sep 2023	BIBillMe	Digital invoicing for merchants	About $10 million, unconfirmed	bfsi.economictimes.indiatimes.com
Jun 2025	POPOP	Rewards-first UPI app, majority stake	$30 million	Entrackr
Oct 2025	NANPCI and OpenAI	Pilot for payments inside ChatGPT	Undisclosed	Business Standard
Feb 2026	REReplit	Cross-border payments partnership	Undisclosed	Entrackr
Mar 2026	SASarvam AI	Voice-based shopping in regional languages, first on Swiggy	Undisclosed	Indian Startup News
Mar 2026	MAMastercard	Passkey biometric card authentication	Undisclosed	Entrackr

Products

• 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

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 legal

• 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 story on Razorpay

• RARazorpay · IPO · 3 November 2026Razorpay gets SEBI nod for its IPOBengaluru-based Razorpay, started in 2014, offers payment processing and business banking tools
• RARazorpay · Launch · 2 November 2026Razorpay gets final GIFT City payments licenceRazorpay is a Bengaluru fintech that provides payment services to businesses across India
• RARazorpay · Partnership · 5 October 2026Razorpay teams with OpenAI on ChatGPT adsRazorpay is a payments company that also runs Razorpay Engage, a growth marketing platform used by Indian brands
• RARazorpay · Launch · 1 October 2026Razorpay brings Apple Pay to merchantsRazorpay is a Bengaluru payments company serving online and in-store businesses across India
• RARazorpay · IPO · 20 August 2026 · $500M-$600MRazorpay files draft papers for initial public offeringRazorpay provides a suite of financial tools including payment gateways, business banking, and AI-native commerce solutions for businesses of all sizes
• RARazorpay · Launch · 18 August 2026Razorpay launches Vulcan AI payments modelRazorpay is a Bengaluru-based fintech that provides payment processing and financial services to businesses

• RARazorpay · People · 4 August 2026Razorpay hires four senior AI and engineering executivesRazorpay provides payment gateways, payouts, banking, and credit for Indian businesses
• RARazorpay · Award · 1 August 2026Razorpay recognized among world's top fintech companies in payments categoryRazorpay is a payments platform for businesses, offering payment gateways, payout solutions, payroll automation, and gift cards
• RARazorpay · IPO · 15 June 2026 · $600 million (planned)Razorpay confidentially files for IPORazorpay filed draft IPO papers confidentially with the market regulator SEBI in June 2026, according to a source
• RARazorpay · People · 16 May 2026Apuarv Sethi named Razorpay CMOSethi, who joined in 2021, now leads marketing and SME growth
• RARazorpay · IPO · 20 April 2026 · $600 Mn to $700 MnRazorpay files confidential IPO papersRazorpay is a full-stack payments and financial services platform for businesses
• RARazorpay · Launch · 31 March 2026Razorpay launches Passkey biometric authenticationRazorpay is a payment gateway that processes online transactions for businesses
• RARazorpay · Partnership · 23 March 2026Razorpay partners Sarvam for voice-first commerceRazorpay is a payment gateway and business banking platform
• RARazorpay · Launch · 20 March 2026Razorpay launches Agentic AI Studio for merchantsIt launched Agentic AI Studio, a marketplace for AI agents, at its FTX event
• RARazorpay · Policy · 2 March 2026Supreme Court dismisses ED appeal against RazorpayThe Supreme Court in March 2026 rejected the Enforcement Directorate's appeal against Razorpay in a money-laundering case
• RARazorpay · Partnership · 17 February 2026Razorpay partners with NPCI and Replit for agentic paymentsRazorpay is a payment gateway and business banking platform for Indian companies
• RARazorpay · IPO · 14 February 2026 · $700 MnRazorpay shortlists four bankers to helm $700 Mn IPORazorpay offers a full-stack payments and financial services platform, spanning payment acceptance, disbursals, lending and business banking
• RARazorpay · Policy · 22 January 2026Razorpay gets RBI offline payments licenceRazorpay is a full-stack payments and financial services platform serving over 8 million businesses
• RARazorpay · Roundup · 12 January 2026 · INR 4,500 CrRazorpay seeks bids for INR 4,500 Cr IPORazorpay is an omnichannel payments and banking platform founded in 2014
• RARazorpay · IPO · 9 January 2026 · INR 4,500 CrRazorpay begins IPO preparations, eyes INR 4,500 Cr fresh issueRazorpay is preparing for an IPO with a potential fresh issue of shares worth INR 4,500 Cr
• RARazorpay · Policy · 2 December 2025Razorpay gets RBI cross-border payments licenceThe Reserve Bank of India granted Razorpay a licence to work as a cross-border payment aggregator in December 2025
• RARazorpay · Results · 16 October 2025Razorpay FY25 revenue jumps 65 percentRazorpay's revenue grew 65 percent in the year to March 2025, according to filings reported in October 2025
• RARazorpay · Partnership · 9 October 2025Razorpay, NPCI and OpenAI pilot ChatGPT paymentsRazorpay, the National Payments Corporation of India and OpenAI began a pilot in October 2025 for agentic payments inside ChatGPT
• RARazorpay · Funding · 17 June 2025 · $30 millionRazorpay invests $30 million in POPRazorpay put $30 million into rewards-first UPI app POP in June 2025 and took a majority stake
• RARazorpay · News · 29 May 2025Razorpay completes reverse flip to IndiaRazorpay finished moving its parent company from the US back to India in May 2025, merging Razorpay Inc into its Indian entity
• RARazorpay · IPO · 17 April 2025Razorpay converts into public entityRazorpay converted itself into a public limited company in April 2025, a step normally taken before a stock market listing
• RARazorpay · Launch · 6 March 2025Razorpay expands into SingaporeRazorpay entered Singapore in March 2025, after Malaysia, to streamline cross-border transactions for businesses
• RARazorpay · Acquisition · 12 September 2023 · About $10 million (unconfirmed)Razorpay acquires digital invoicing startup BillMeRazorpay bought Mumbai-based BillMe in September 2023 to deepen its merchant loyalty business and add value-added services
• RARazorpay · Acquisition · 27 September 2022Razorpay acquires loyalty firm PoshVineRazorpay acquired PoshVine in September 2022, a company offering payment-linked loyalty and engagement tools to banks and networks
• RARazorpay · Acquisition · 16 August 2022Razorpay acquires point-of-sale firm EzetapRazorpay bought a stake of more than 80 percent in Bengaluru-based Ezetap in August 2022, per regulatory filings
• RARazorpay · Acquisition · 16 March 2022Razorpay acquires Pune's iZealiant TechnologiesRazorpay announced its fifth acquisition in March 2022, buying Pune-based payments technology provider iZealiant Technologies. iZealiant, founded in 2015 by…
• RARazorpay · Acquisition · 8 February 2022 · Valuation over $19 millionRazorpay buys majority stake in Malaysia's CurlecRazorpay took a majority stake in Curlec in February 2022, in a deal valuing the Malaysian startup above $19 million
• RARazorpay · Funding · 20 December 2021 · $375 millionRazorpay raises $375 million Series FLone Pine Capital, Alkeon Capital and TCV led the December 2021 round, the company's largest raise so far
• RARazorpay · Acquisition · 19 July 2021Razorpay acquires lending tech firm TERA FinlabsRazorpay acquired Bengaluru-based TERA Finlabs in July 2021 for an undisclosed sum, its third acquisition
• RARazorpay · Funding · 19 April 2021 · $160 millionRazorpay raises $160 million at $3 billion valuationThe payments company raised $160 million in April 2021, lifting its valuation to $3 billion
• RARazorpay · Acquisition · 5 August 2019Razorpay acquires AI platform ThirdwatchRazorpay bought Thirdwatch, an artificial intelligence platform that helps online sellers spot fraud, in August 2019
• RARazorpay · Funding · 18 June 2019 · $75 millionRazorpay raises $75 million Series CRibbit Capital and Sequoia India, both new investors, led the $75 million round announced in June 2019
• RARazorpay · Funding · 15 January 2018 · $20 millionRazorpay raises $20 million Series BThe digital payments startup raised a $20 million Series B in January 2018 from Tiger Global and Y Combinator
• RARazorpay · Funding · 27 October 2015 · $9 millionRazorpay raises $9 million Series ATiger Global led the round, with Matrix Partners also taking part, giving the payment gateway $9 million in fresh capital
• RARazorpay · Funding · 23 March 2015 · $120,000Razorpay selected for Y Combinator programmeRazorpay, then based in Jaipur, was picked for the Y Combinator accelerator, becoming the second India-focused company in the programme