Razorpay Statistics 2026: Revenue, Valuation and TPV

The Razorpay statistics for FY25, according to Entrackr’s reporting on the company’s filings, show consolidated revenue of Rs 3,783 crore, up 65% year-on-year, while annualized Total Payment Volume reached $180 billion per Business Standard’s February 2025 milestone briefing. The June 12 confidential SEBI filing per Razorpay’s June 15 newspaper advertisement targets a raise of Rs 5,000 to Rs 6,000 crore, a notable discount to the December 2021 Series F mark.

Key Takeaways

• Razorpay’s FY25 consolidated revenue hit Rs 3,783 crore, up 65% from Rs 2,296 crore in FY24.
• The company posted a Rs 1,209 crore net loss in FY25, driven largely by ESOP charges and reverse-flip tax costs.
• Annualised Total Payment Volume reached $180 billion, with a target of about $400 billion by 2030.
• Razorpay holds approximately 55% share of India’s online payment gateway market across 12 million-plus merchants.
• The Reserve Bank of India granted Razorpay the Payment Aggregator Cross-Border (PA-CB) licence in January 2026, adding both inward and outward cross-border rails.
• Razorpay’s last private valuation was $7.5 billion in the December 20, 2021 Series F, while the June 12, 2026 DRHP targets a Rs 5,000 to Rs 6,000 crore raise.
• Razorpay’s Malaysian arm Curlec processes in excess of RM2 billion annually for over 1,000 merchants under Bank Negara Malaysia oversight.

Editor’s Choice

• Razorpay crossed a $150 billion annualized TPV milestone on February 23, 2024, at its FTX event.
• The Series F round was $375 million, co-led by Lone Pine Capital, Alkeon Capital and TCV.
• Curlec targets more than 5,000 businesses and RM10 billion annualised GTV by 2025 in Malaysia.
• Indian enterprise payment gateway fees range from 1.99% to 3.5% + GST per transaction, while UPI carries zero MDR.
• Razorpay launched 7 product or partnership updates between February and June 2026 across agentic AI, banking and biometric authentication.
• The Razorpay-Airtel UPI Switch supports up to 10,000 transactions per second and claims 5x faster UPI access for businesses.
• Razorpay’s RBI cross-border footprint covers 130+ currencies and 180+ countries with around 95% international transaction success rates.

Recent Developments

• June 12, 2026: Razorpay filed its confidential DRHP with SEBI targeting a Rs 5,000 to Rs 6,000 crore raise, with Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital as bankers.
• June 1, 2026: RazorpayX launched India’s first agentic connected banking experience, letting businesses initiate payouts via conversational AI.
• May 27, 2026: Razorpay introduced a Payment Command Line Interface for developers and AI builders.
• April 22, 2026: Razorpay became the first Indian payment aggregator enabling card payments through Google Pay for businesses worldwide.
• April 6, 2026: Razorpay launched UPI and payment methods within OpenAI’s Codex and released a ChatGPT app for conversational payment management.
• March 12, 2026: Razorpay unveiled an AI-native agent studio for payments, powered by Anthropic’s Claude.

Razorpay Total Payment Volume Trajectory

• Over 91 billion digital payment transactions processed in India in 2023.
• Digital Person-to-Merchant Payments market projected to reach $4 trillion by 2030.
• Online shoppers grew from 10 million (2015) to over 250 million today; 600 million projected within 5 to 10 years.

Razorpay’s company newsroom first disclosed a $150 billion annualized TPV milestone at its FTX event on February 23, 2024, framing it as evidence of market leadership in digital payments processing. By the 10-year anniversary milestone reported by Business Standard in February 2025, annualized TPV had reached $180 billion with a stated target of about $400 billion by 2030, implying roughly 2.2x growth across the back half of the decade.

Razorpay’s own data points to over 91 billion digital payment transactions in India in 2023 and projects the Digital Person-to-Merchant Payments market will reach $4 trillion by 2030. Online shopper depth supports that forecast; online shoppers grew from 10 million in 2015 to over 250 million today, with 600 million expected in the next 5 to 10 years. India’s online payments dataset tracks the same volume curve across all gateways, including Razorpay’s share.

By the numbers: Razorpay’s annualized Total Payment Volume moved from $150 billion at the February 2024 FTX milestone to $180 billion by the 10-year anniversary in February 2025, with a stated $400 billion target by 2030, roughly 2.2x growth across the back half of the decade against India’s projected $4 trillion Person-to-Merchant payments base.

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Razorpay Income Statement

Razorpay’s FY25 income statement pairs sharp top-line growth with a one-off-heavy headline loss.

• FY25 consolidated revenue reached Rs 3,783 crore, up 65% from Rs 2,296 crore in FY24.
• Gross profit climbed 41% to Rs 1,277 crore from Rs 906 crore.
• The company posted a net loss of Rs 1,209 crore, a wider deficit than analysts initially modelled.

Source: Entrackr FY25 results coverage, October 2025

Why it matters: The headline Rs 1,209 crore FY25 loss bundles a one-off ESOP charge with the reverse-flip tax bill from the May 2025 US-to-India redomicile. Strip both out and FY25 reads as 41% gross-profit expansion to Rs 1,277 crore alongside EBITDA-positive online payments, the version of the income statement the prospectus will likely highlight.

The loss is concentrated in two non-recurring buckets. The deficit was primarily attributable to ESOP-related expenses and costs connected to restructuring and tax linked to the redomiciling to India. CEO Harshil Mathur framed the underlying business as healthier than the headline implies, noting that the company delivered top-line growth through strong execution while improving gross margins, with online payments becoming EBITDA-profitable. Beneath the headline loss sits a structurally profitable payments business; the one-off ESOP charge and reverse-flip tax bill are bookkeeping artifacts of the corporate move.

Razorpay Valuation Arc: Series F to IPO

Razorpay’s valuation arc is the rare downward private-to-public re-rating among marquee Indian fintech listings.

• The December 20, 2021 Series F closed at $375 million with a $7.5 billion valuation, co-led by Lone Pine Capital, Alkeon Capital and TCV with backing from Tiger Global, Sequoia Capital India, GIC and Y Combinator.
• The June 12, 2026 DRHP targets a Rs 5,000 to Rs 6,000 crore raise, a clear discount to the peak private mark.

Source: Razorpay Series F blog 2021; Business Standard DRHP report June 2026

The compression reflects 2021 venture-cycle peak valuations meeting 2026 public-market discipline. Comparable downward re-ratings have hit several Indian fintech peers ahead of listing. An IPO priced at this band would still rank among India’s larger fintech listings even at a markdown from the private peak.

Razorpay India Online Payment Gateway Market Share

Razorpay statistics on market position confirm a dominant share inside India.

• Approximately 55% share of India’s online payment gateway market.
• More than 12 million merchants across retail, education, healthcare and SaaS.
• A 94% merchant retention rate.
• Direct payment-aggregator rivals include Paytm, PayU, CCAvenue, BillDesk, PayPal India, and Instamojo.
• Stripe competes mainly through its India entity for cross-border merchants rather than domestic UPI rails.

The 94% retention metric reflects developer ergonomics, API uptime, and dispute-resolution friction, areas where switching costs compound over time.

Razorpay Cross-Border and Malaysia Footprint

• More than 130 currencies supported.
• Operates in over 180 countries.
• Approximately 95% success rate on international transactions.
• RBI Payment Aggregator Cross-Border (PA-CB) licence granted in January 2026.

Source: Razorpay Blog January 2026; Razorpay Newsroom Malaysia 2023

The Reserve Bank of India granted Razorpay the Payment Aggregator Cross-Border (PA-CB) licence in January 2026, authorizing both inward and outward cross-border payment flows under direct regulatory supervision. The PA-CB framework itself was introduced by the RBI via a master circular on October 31, 2023.

Operational scope is meaningful: Razorpay supports more than 130 currencies, operates in over 180 countries, and claims an approximately 95% success rate on international transactions.

The Southeast Asia leg runs through Curlec. Curlec became a non-bank member of Malaysia’s national payments network as of October 26, 2023, regulated by Bank Negara Malaysia. Since launching, Curlec serves over 1,000 merchants and processes in excess of RM2 billion annually, with a target of more than 5,000 businesses and RM10 billion annualised GTV by 2025.

Razorpay Product Velocity

The 2026 Razorpay statistics on product velocity capture a hard pivot into agentic payments and developer infrastructure.

• Seven distinct product launches or partnership announcements landed between February and June 2026, anchored on three themes: AI agents for payments, banking-layer integration, and biometric authentication.
• The window opened February 20, 2026, with Agentic Payments on Claude and closed June 1, 2026, with RazorpayX connected banking.
• Biometric Passkey with Mastercard and Visa landed March 31, 2026, and Google Pay card payments April 22, 2026.

Source: Razorpay Newsroom 2026

The Anthropic-Claude tie-up positions Razorpay as the first payments incumbent in India running an AI-native agent studio on a frontier-model platform.

Razorpay Regulatory and Licensing Posture

Razorpay’s regulatory milestones bracket the FY25 reset and the IPO push.

• Reverse flip from the United States to India completed ahead of the May 29, 2025 Entrackr report; Razorpay Inc. amalgamated into Razorpay India after Regional Director approval in Hyderabad.
• RBI PA-CB licence granted in January 2026, adding cross-border rails to the existing PA stack.
• UPI Switch with Airtel Payments Bank launched on April 23, 2024.
• Infrastructure handles up to 10,000 transactions per second with 5x faster UPI access for businesses.

The redomicile is a near-prerequisite for an Indian listing and carried the tax overhang that surfaced in the FY25 income statement.

Razorpay Pricing and Merchant Economics

Razorpay statistics on pricing reflect a band shaped by RBI mandates and competitive intensity.

• Enterprise gateway fees average between 1.99% and 3.5% plus GST per transaction.
• By method: 2.0% to 3.5% plus GST on credit cards, 0.9% to 1.5% plus GST on debit cards, zero MDR on UPI, and 1.0% to 2.0% plus a fixed fee plus GST on net banking.

Source: Razorpay Enterprise Payment Gateway Pricing Guide 2026

The QR code payments wave has reshaped the merchant mix. UPI’s zero-MDR regime has shifted 55% of enterprise P2P volumes from cards, saving Rs 10,000 crore in fees, and India’s enterprise payment gateway sector grew 62% year on year in transaction volume across 2023-24.

Razorpay’s Rs 1,209 crore FY25 net loss reflects one-off ESOP charges and the reverse-flip tax bill, not operating-margin erosion. Reading the headline number without that overlay misreads the underlying P&L.

Razorpay UPI Switch and Infrastructure Layer

Razorpay’s UPI infrastructure layer rests on the April 2024 switch deployment: the partnership with Airtel Payments Bank launched on April 23, 2024, with throughput of up to 10,000 transactions per second, and positioned Razorpay among the first non-bank private fintech firms to operate UPI infrastructure directly through a partner bank’s switch. The 5x faster UPI access claim is meaningful at peak traffic: festive surges in India routinely double the baseline daily UPI volume, and partner-bank capacity is the binding constraint for most gateways. UPI volume growth across the broader market sits behind much of Razorpay’s TPV expansion.

Razorpay Founders, Headquarters and Product Stack

Foundational Razorpay statistics start with the founders.

• Founded by IIT Roorkee alumni Harshil Mathur and Shashank Kumar.
• Headquartered in Bangalore, Karnataka.
• 8 million partner businesses with 2,000 employees as of December 2021 Series F.
• RazorpayX powered over 25,000 Indian businesses.
• Merchant base expanded to more than 12 million by the 10-year milestone.

Product reach now spans Payment Gateway, Payment Aggregator, Payment Links, QR Codes, UPI Payments, Subscriptions and International Payments on the merchant side, with RazorpayX banking services including Current Accounts, Payouts, Payout Links, Corporate Cards and Source-to-Pay automation. Additional verticals include Payroll, POS systems, Digital Lending and working capital solutions.

Razorpay Competitive Landscape and Indian Payment Gateway Market

Razorpay competes inside the aggregator layer alongside Paytm, PayU, CCAvenue, BillDesk, PayPal India and Instamojo, and increasingly inside the infrastructure layer through the Airtel Payments Bank UPI Switch and the PA-CB cross-border rails.

The zero-MDR UPI mandate compresses fee-derived margins for every aggregator, which is why every major player has expanded into adjacent monetization across banking, payroll, POS, FX payouts, and merchant cash advance.

Razorpay Statistics Outlook

The 2030 outlook ties three vectors together: TPV growth, India’s macro payments expansion, and an end-2026 listing window.

• About $400 billion TPV target by 2030.
• Projected $4 trillion Indian Person-to-Merchant payments market by 2030.
• Online-shopper growth to 600 million within 5 to 10 years.
• IPO listing window targeted for end-of-2026, subject to SEBI approval.

The 2030 target implies roughly 2.2x TPV growth across five years against the $4 trillion India Person-to-Merchant base. The binding constraint is share defense against domestic competitors leaning into agentic payments and FX payout adjacencies.

Is Razorpay profitable?

Razorpay reported a consolidated Rs 1,209 crore net loss in FY25 alongside the 65% revenue surge, but the online payments segment is EBITDA-profitable per CEO Harshil Mathur. The headline deficit was concentrated in ESOP charges and the reverse-flip tax bill rather than operating-margin erosion, a one-off shape that the prospectus is likely to highlight.

What is Razorpay’s valuation?

The valuation entry in the Razorpay statistics arc was $7.5 billion at the December 20, 2021, Series F. The June 2026 confidential DRHP targets a Rs 5,000 to Rs 6,000 crore raise, a 20% to 33% downward re-rating from the peak private mark.

Is Razorpay regulated by the Reserve Bank of India?

Yes. Razorpay holds the RBI’s Payment Aggregator authorization and received the Payment Aggregator Cross-Border (PA-CB) licence in January 2026. The PA-CB framework was introduced by the RBI via a master circular on October 31, 2023.

Conclusion

The Razorpay statistics for 2026 frame the company as India’s clear online-payments leader entering an IPO window. FY25 revenue of Rs 3,783 crore and an annualized TPV of $180 billion anchor a structurally profitable payments business beneath a Rs 1,209 crore consolidated loss that is largely a function of ESOP charges and the reverse-flip tax bill.

The June 12, 2026 DRHP targets a Rs 5,000 to Rs 6,000 crore raise at a discount to the December 2021 Series F mark, with an end-2026 listing window in view. The 2026 product velocity across agentic payments, RazorpayX connected banking, and the cross-border posture through the PA-CB licence and the Curlec Malaysia footprint together describe a business positioning for the next decade of India’s payment-rail expansion.