Razorpay Achieves 65% Revenue Growth in FY24

Razorpay, a leading payments and business banking platform, has achieved a remarkable 65% year-on-year growth in its consolidated revenue for FY24, reaching Rs 3,783 crore, up from Rs 2,296 crore in the previous year. This growth has been attributed to effective execution across its payment gateway, banking, POS, and international operations, as stated by the company.

Financial Performance Highlights

The Bengaluru-based company’s gross profit surged by 41% year-on-year, amounting to Rs 1,277 crore compared to Rs 906 crore the previous year. Despite this impressive growth at the top level, Razorpay faced losses in FY25 after factoring in ESOP-related expenses totalling Rs 1,209 crore. The losses were mainly attributed to restructuring and tax costs associated with its redomiciling to India.

Leadership Perspectives

Harshil Mathur, CEO and co-founder, expressed that FY25 was a crucial year for Razorpay, stating that the firm achieved significant top-line growth through effective execution while improving gross margins. He noted that online payments have become EBITDA-profitable, and there is notable traction in new business ventures that are rapidly growing and creating fresh growth opportunities.

Strategic Initiatives for Future Growth

CFO Arpit Chug highlighted the company’s commitment to instilling financial discipline at the product level to optimally allocate capital between established, cash-generating units and emerging sectors. Razorpay emphasized its strong cash position, giving it the capability to invest in innovation and long-term development.

The company aims to enhance product-led growth and increase investments in its core fintech stack, AI-driven products, and financial infrastructure. Additionally, it is focused on expanding its presence internationally, particularly in Southeast Asian regions like Malaysia and Singapore.

Company Background and Future Plans

Established in 2014 by IIT Roorkee graduates Shashank Kumar and Harshil Mathur, Razorpay has successfully raised over $800 million from investors such as Lightspeed, Tiger Global, Peak XV Partners, and GIC. Following its reverse flip to India, the company transitioned into a public entity in April 2025. Recently, Razorpay invested $30 million to acquire the rewards-focused UPI payments application, POP.