According to Outlook Business, Razorpay allocated employee stock ownership plans (ESOPs) worth ₹1 lakh to each of its over 3,000 employees in December 2024. That press-reported count is the latest public answer to how many people work at Razorpay. Its first ESOP sale in November 2018 was a liquidity event for its 140 employees then.
By December 2021, Razorpay’s CEO described a 2,000 strong Razorpay Team. Per Entrackr, employee benefit costs in its consolidated statements from the Registrar of Companies rose 71% to ₹638 crore in FY23. In June 2026, Razorpay filed a Pre-filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), and the pre-filed draft is confidential, so any employee count it carries is not public yet.
Key Takeaways
- According to Razorpay’s newsroom, Razorpay’s ESOP sales covered its 140 employees in November 2018, then 400 and 750 eligible employees in November 2019 and March 2021.
- Razorpay said in May 2022 that it had awarded ESOPs to 1,940 existing and former employees across levels.
- Entrackr reports that employee benefit costs rose 71% to ₹638 crore in FY23 from ₹373 crore in FY22, the largest cost center.
- According to Razorpay’s FY24 press release, employee benefits made up around 25% of Razorpay’s FY24 expenses, amounting to ₹611 crore.
- According to People Matters, Razorpay’s strength stood at 1,300 employees in February 2021, after it hired over 550 employees in the previous year.
- Per Inc42, Razorpay’s consolidated operating revenue was ₹2,279.3 crore in FY23, up 54% from the previous fiscal year.
Editor’s Choice: How Many People Work at Razorpay
- Latest reported headcount: over 3,000 employees, each granted ESOPs worth ₹1 lakh in December 2024.
- Team size in December 2021: a 2,000 strong Razorpay Team.
- Largest ESOP sale: $75 million for 650 existing and former employees in May 2022.
- FY23 employee benefit costs: ₹638 crore, 28% of overall expenditure.
- FY25 consolidated revenue: ₹3,783 crore, up 65% year on year.
- IPO pre-filing with SEBI: June 2026, for an IPO of around $600 million per media reports.
Razorpay Employee Count by Year
- Over 3,000 employees each received ESOPs worth ₹1 lakh in December 2024, not differentiated on the basis of role or tenure.
- Razorpay turned 7 in December 2021 with a 2,000 strong Razorpay Team, 700 more people than the February 2021 count.
- Razorpay was established in 2014, and its earliest dated employee figure comes from the 2018 ESOP sale.
| Date | Employees reported | Basis |
|---|---|---|
| November 2018 | 140 | Employees at the first ESOP sale |
| February 2021 | 1,300 | Company headcount at hiring announcement |
| December 2021 | 2,000 | Team size in CEO’s Series F post |
| December 2024 | Over 3,000 | Employees granted ESOPs worth ₹1 lakh |
Source: Razorpay newsroom 2022, Razorpay blog 2021, People Matters 2021, Outlook Business 2024
We read private payments companies the same way across our profiles, including Stripe’s workforce: dated company statements first, tracker estimates never.
How many employees does Razorpay have?
Razorpay had over 3,000 employees when it granted ESOPs worth ₹1 lakh to each of them in December 2024. No newer public figure appears in the sources reviewed here; third-party tracker counts are estimates.
About This Data
- Compiled from 14 sources: 7 Razorpay press releases and blog posts, and 7 business news reports that quote Razorpay statements, results or statutory filings.
- Sources run from February 2021 to October 2026.
- Only company publications and reports naming a company statement or filing qualified; third-party headcount trackers were excluded.
- Figures are updated when Razorpay publishes new statements or filings.
Razorpay ESOP Sales and Employees Covered
- Razorpay’s first ESOP sale in November 2018 covered its 140 employees then, and the November 2019 and March 2021 sales had 400 and 750 eligible employees.
- The fourth and largest sale by value, a $75 million transaction announced on May 10, 2022, covered 650 existing and former employees.
- By May 2022, Razorpay had awarded ESOPs to 1,940 existing and former employees across levels.
- The March 2021 sale had 5.36 times as many eligible employees as the first sale.
View the data
Key finding: Razorpay’s May 2022 release says the company has awarded ESOPs to 1,940 existing and former employees across levels. Read beside each sale’s eligibility count, that running total fills gaps in a workforce the company reports only occasionally.
Recent Developments
- October 5, 2026: Razorpay announced that it is working with OpenAI to help Indian brands advertise on ChatGPT Ads through Razorpay Engage, per its newsroom release.
- September 30, 2026: Apple Pay went live on Razorpay for online and in-store payments in India, with businesses including Zepto, Ixigo, Indigo, Tata 1 mg and JioMart.
- September 10, 2026: Razorpay presented Vulcan, India’s First AI Payments Foundation Model, at the Global Fintech Fest (GFF) 2026 in Mumbai.
- August 18, 2026: Razorpay launched Vulcan, an AI foundation model built for payments with NVIDIA and AWS technology and trained on nearly 3 trillion data points across 4 billion payments.
Razorpay ESOP Sale Values and Terms
- Razorpay’s May 2022 sale was a $75 million (₹578 crore) transaction, led by Lightspeed Venture Partners with participation from Moore Strategic Ventures.
- The previous year’s sale was worth $10 million (₹73 crore).
- Current and former employees as young as 22 holding vested stocks could sell up to 30% of their vested ESOP shares in 2022.
- In December 2024, all current employees were granted ESOPs worth ₹1 lakh as part of Razorpay’s 10th-anniversary celebrations.
| ESOP event | Value | Employees covered |
|---|---|---|
| March 2021 sale | $10 million (₹73 crore) | 750 eligible employees |
| May 2022 sale | $75 million (₹578 crore) | 650 existing and former employees |
| December 2024 grant | ₹1 lakh per employee | Over 3,000 current employees |
Source: Razorpay newsroom 2022, Outlook Business 2024
Razorpay Employee Benefit Expenses by Fiscal Year
- Employee benefit costs rose 71% to ₹638 crore in FY23 from ₹373 crore in FY22.
- Razorpay’s total expenses rose 7% year over year to ₹2,454 crore in FY24, with employee benefits at ₹611 crore.
- FY24 employee benefits came in 4.2% below FY23, although the FY24 figure comes from a results press release and FY23 from consolidated filings.
View the data
Worth noting: Entrackr’s FY23 figure of ₹638 crore comes from Razorpay’s consolidated financial statements sourced from the Registrar of Companies, while the FY24 figure of ₹611 crore comes from the firm’s press release. The two employee-cost numbers rest on different documents, so the comparison will firm up once audited FY24 detail is public.
Razorpay Employee Costs as a Share of Expenses
- Employee benefits emerged as the largest cost center in FY23, forming 28% of the overall expenditure.
- The FY23 employee cost includes ₹65 crore of ESOP costs settled in equity, a non-cash item.
- In FY24, employee benefits, including salaries and other compensations, comprised around 25% of expenses.
- Razorpay’s profit stood at ₹7.2 crore in FY23 against ₹7.3 crore in FY22.
| Measure | FY23 | FY24 |
|---|---|---|
| Employee benefits share of expenses | 28% | Around 25% |
| Employee benefits (₹ crore) | 638 | 611 |
| ESOP costs settled in equity (₹ crore) | 65 | Not stated |
Source: Entrackr 2024, Razorpay FY24 press release
Razorpay Hiring Plans in 2021
- In February 2021, Razorpay announced 650 new positions for freshers and lateral hires.
- Of those positions, 350 were for expanding the engineering and product teams, and the rest for Customer Experience, Sales and Marketing.
- Razorpay also reported an 80% increase in the demand for digital payments within a year.
- Employees were to continue working remotely for the next few months.
| Hiring measure, February 2021 | People |
|---|---|
| Employees at the time | 1,300 |
| Hired in the previous year | Over 550 |
| New positions planned | 650 |
| Engineering and product positions | 350 |
Source: People Matters, February 2021
Adding the planned positions to the February count gives 1,950 people, close to the 2,000 strong Razorpay Team its CEO described in December 2021. That suggests most of the 2021 plan was hired.
Razorpay Business Scale Behind the Workforce
- Razorpay powered payments for over 5 million businesses in February 2021.
- Razorpay’s annualised payment volume was $180 billion in December 2024, with more than 300 million end consumers reached across India.
- Razorpay’s May 2022 release said the company grew over 300% in the previous year.
| Date | Metric | Figure |
|---|---|---|
| February 2021 | Businesses served | Over 5 million |
| May 2022 | Businesses served | Over 8 million |
| May 2022 | TPV target for end of 2022 | $90 billion |
| December 2024 | Annualised TPV | $180 billion |
| December 2024 | End consumers reached | More than 300 million |
Source: People Matters 2021, Razorpay newsroom 2022, Razorpay blog 2024
Razorpay Revenue by Fiscal Year
- Razorpay reported consolidated operating revenue of ₹2,279.3 crore in FY23, up 54% from ₹1,481.1 crore in the previous fiscal year.
- Consolidated revenue grew 65% to ₹3,783 crore in FY25, compared to ₹2,296 crore in FY24.
- FY25 revenue was 2.55 times the FY22 figure.
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Revenue per employee cannot be worked out reliably from these figures, because Razorpay has not tied a headcount to any fiscal year-end.
Razorpay FY25 ESOP Costs and Profitability
- Razorpay’s gross profit grew 41% to ₹1,277 crore in FY25 from ₹906 crore.
- Razorpay reported a loss in FY25 after ESOP-related expenses of ₹1,209 crore.
- The company attributed the losses to restructuring and tax costs linked to its redomiciling to India.
- Consolidated revenue reached ₹3,783 crore in FY25.
- Harshil Mathur said online payments is now EBITDA-profitable.
- The ESOP-related expenses equalled 94.7% of FY25 gross profit.
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Why it matters: Per Entrackr’s report of the company’s results, Razorpay’s FY25 ESOP-related expenses of ₹1,209 crore sat beside gross profit of ₹1,277 crore. In FY25, ESOP-related expenses alone came close to the year’s gross profit.
Razorpay vs PayU and Cashfree Revenue
- PayU reached a revenue scale of $400 million (₹3,320 crore) in FY23, and Cashfree reported revenue of ₹614 crore in FY23.
- Razorpay’s consolidated operating revenue was ₹2,279.3 crore in FY23.
- PayU’s FY23 revenue was 1.46 times Razorpay’s, and Razorpay’s was 3.71 times Cashfree’s.
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Who are the competitors of Razorpay?
Entrackr names Cashfree and PayU as Razorpay’s competitors, with FY23 revenue of ₹614 crore and ₹3,320 crore respectively. All three sell online payment gateway services to Indian merchants, and none publishes a regular headcount, so revenue is the cleanest public way to compare their size.
Razorpay IPO and the Next Headcount Disclosure
- Razorpay filed its Pre-filed DRHP with SEBI and the stock exchanges, disclosed in a newspaper advertisement in June 2026.
- Media reports put the planned IPO at around $600 million, with both a fresh issue and an offer-for-sale expected.
- Razorpay was last valued at $7.5 billion in 2021, when it raised $375 million.
| IPO measure | Figure |
|---|---|
| Filing route | Pre-filed DRHP |
| Reported issue size | Around $600 million |
| Last valuation (2021) | $7.5 billion |
| Funding raised | Over $800 million |
Source: Entrackr 2024, Entrackr 2026
Listed peers file a year-end count every year; Block’s Square headcount comes straight from its annual report. For Razorpay, that kind of disclosure starts with the public version of its draft prospectus.
Razorpay Workforce Milestones Timeline
- Razorpay was established in 2014 and held its first ESOP sale in November 2018.
- Razorpay granted ESOPs worth ₹1 lakh to all current employees in 2024.
- Razorpay filed its Pre-filed DRHP with SEBI and the stock exchanges in 2026.
View the data
Is Razorpay a good company to work for?
Razorpay ran ESOP sales in November 2018, November 2019, March 2021 and May 2022, and in December 2024 it granted ESOPs worth ₹1 lakh to all current employees. The sources reviewed here carry no employee satisfaction, individual pay or retention data, so those grants are the measurable part of the answer.
Conclusion
Razorpay had over 3,000 employees when it granted each of them ESOPs worth ₹1 lakh in December 2024, up from the 140 employees then at its first ESOP sale in November 2018. Employee benefit costs reached ₹638 crore in FY23, and FY25 ESOP-related expenses came close to that year’s gross profit. The next reliable count should come with the public draft of Razorpay’s IPO prospectus.
