Pine Labs vs Razorpay: revenue, valuation and funding compared
The short answer
Razorpay reported the highest revenue, ₹3,783 crore in FY25, against Pine Labs ₹2,710.6 crore in FY26. Pine Labs was profitable in the latest year reported. Figures are for each company's latest reported year: FY26 for Pine Labs, FY25 for Razorpay.
Pine Labs and Razorpay are two of India's largest payments technology companies. Pine Labs provides card payment terminals, online payment gateways, UPI, prepaid wallets, gift cards and credit processing for merchants, banks and brands, and it is listed. Razorpay builds payment gateways, business banking and lending tools for Indian companies, and it has filed draft IPO papers confidentially. People compare them because both sell payment acceptance to the same merchants, one from its in-store terminals and the other from online checkout.
The years differ. Pine Labs' latest full year in the profiles is FY26, the year to March 2026, while Razorpay's latest reported year is FY25, so the latest figures on this page are not for the same period. Pine Labs' FY26 revenue is the sum of two reported segments, and its FY25 figures are from its offer document with the consolidated basis not stated. Razorpay's figures are consolidated revenue. Every number on this page comes from the two StopDown profiles.
Side by side
| Pine Labs | Razorpay | |
|---|---|---|
| Founded | — | 2014 |
| Based in | — | Bengaluru |
| What it sells | Payments and merchant commerce platform: card terminals, gateways, prepaid | Payments, banking and lending tools for Indian businesses |
| Status | Listed | IPO filed (confidential) |
| Revenue, latest year | ₹2,710.6 crore FY26 | ₹3,783 crore FY25 |
| Revenue, year before | ₹2,274 crore FY25 | ₹2,296 crore FY24 |
| Growth | +19% (FY25 to FY26) | +65% (FY24 to FY25) |
| Net profit (loss), latest year | ₹113 crore FY26 | — |
| Last disclosed valuation | — | $7.5 billion Dec 2021 |
| Total raised | — | $639M (disclosed rounds) |
| Last round | IPO (anchor book), ₹1,753 crore from anchor investors, Nov 2025 | Series F, $375 million, Dec 2021 |
| Profile | Pine Labs on StopDown | Razorpay on StopDown |
Scale
On the latest reported year, Razorpay's revenue is the larger figure but a year older. Razorpay's consolidated revenue was ₹3,783 crore in FY25, up 65% from ₹2,296 crore in FY24. Pine Labs' latest reported year is FY26, with revenue of ₹2,710.6 crore.
For the same year, FY25, Razorpay's ₹3,783 crore compares with ₹2,274 crore of revenue from operations for Pine Labs, which had ₹1,769 crore in FY24. Pine Labs' FY26 figure splits into ₹1,836.8 crore in digital infrastructure and ₹873.8 crore in issuing and acquiring, and its Q1 FY27 revenue was ₹736.9 crore, up 20%.
Money
Pine Labs made a net profit of ₹113 crore in FY26, which the profile calls its first full year of profit, after a net loss of ₹145 crore in FY25. Its Q1 FY27 net profit was ₹19.6 crore. Razorpay did not disclose an exact loss for FY25; its profile says the company reported a loss after ₹1,209 crore of ESOP cost and reverse-flip tax costs, and it has no profit figure for FY24.
Razorpay's biggest private raise was a $375 million Series F in December 2021 at a $7.5 billion valuation, which is its last private valuation in the profile. Pine Labs listed on 14 November 2025 at an IPO price of ₹221, with ₹1,753 crore coming from anchor investors. The profile gives no market valuation for Pine Labs, and this page makes no comment on its share price.
Where they are heading
Razorpay's profile points to a listing: it filed draft IPO papers confidentially in 2026, with reports of a raise near $600 million, after the Supreme Court dismissed a money-laundering appeal against it in March 2026. Apple Pay went live through Razorpay in October 2026 for merchants such as Zepto and IndiGo. Pine Labs bought checkout startup Shopflo for ₹88 crore in cash, completed in June 2026, and said in September 2026 that it was working with Google Cloud on AI agents for merchants.
The numbers behind the table
Pine Labs: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹2,710.6 crore | ₹113 crore | consolidated; revenue is the sum of two reported segments; first full-year profit, from the company's results release as reported |
| FY25 | ₹2,274 crore | ₹145 crore loss | revenue from operations and net loss, as reported at the RHP stage; consolidated basis not stated |
| FY24 | ₹1,769 crore | — | revenue from operations as reported at the RHP stage; net loss left out because the sources opened do not state it |
Razorpay: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY25 | ₹3,783 crore | — | consolidated revenue, up 65%; the company did not disclose an exact loss, it said a loss followed ₹1,209 crore of ESOP cost plus reverse-flip tax costs |
| FY24 | ₹2,296 crore | — | consolidated revenue; profit or loss not stated in sources opened |
Pine Labs: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| Nov 2025 | IPO (anchor book) | ₹1,753 crore from anchor investors |
Razorpay: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| Dec 2021 | Series F | $375 million | Lone Pine Capital, Alkeon Capital and TCV (leads), Tiger Global, Sequoia Capital India |
| Apr 2021 | Growth round | $160 million | |
| Jun 2019 | Series C | $75 million | Ribbit Capital and Sequoia India (leads), Tiger Global, Y Combinator |
| Jan 2018 | Series B | $20 million | Tiger Global, Y Combinator |
| Oct 2015 | Series A | $9 million | Tiger Global (lead), Matrix Partners |
| Mar 2015 | Y Combinator | $120,000 | Y Combinator |
Questions people ask
Which is bigger, Pine Labs or Razorpay?
On the latest reported year, Razorpay's FY25 revenue of ₹3,783 crore is above Pine Labs' FY26 revenue of ₹2,710.6 crore, though the years differ. For FY25 alone, Razorpay's ₹3,783 crore compares with ₹2,274 crore for Pine Labs.
Is Pine Labs profitable?
Yes, in FY26. Pine Labs reported a net profit of ₹113 crore, its first full year of profit, after a ₹145 crore loss in FY25. Razorpay's profit or loss figure for FY25 is not in its profile.
Who runs Pine Labs, and who founded Razorpay?
Amrish Rau is chief executive of Pine Labs, and he was made managing director and chairman for five years from March 2025. Razorpay was founded in 2014 by IIT Roorkee alumni, but the profile does not name the founders.
Which has raised more money?
Razorpay has raised more privately: its profile lists six rounds from a $120,000 Y Combinator investment in March 2015 to a $375 million Series F in December 2021. Pine Labs' profile records ₹1,753 crore from anchor investors in its November 2025 IPO.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: Pine Labs, Razorpay. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.