Razorpay Revenue, Valuation, Funding & Investors

Razorpay is valued at $6.5B as of May 2022, a 40.9x multiple on its last reported $159M revenue.

Last Razorpay valuation

$6.5B

Secondary · May 2022

Last Razorpay funding round

$375M

Series F · Dec 2021

Razorpay revenue

$159M

Secondary · May 2022

Key investors in Razorpay

  • Tiger Global
  • Y Combinator
  • Peak XV Partners
  • Z47
  • Ribbit Capital
  • GIC

Razorpay Overview

About Razorpay

Razorpay is a Bangalore-headquartered payments gateway enabling Indian businesses to process transactions via UPI, cards, net banking, and wallets like Paytm. Founded in 2014, it supports subscriptions, international payouts, and invoicing for merchants on platforms like Shopify and WooCommerce.


Founded

2014

HQ

IndiaBangalore

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Revenue

$159M (May 2022)

Valuation

$6.5B (May 2022)

Razorpay Valuation

Razorpay is currently valued at $6.5B, based on its secondary sale in May 2022.

The $75M round was led by Lightspeed Venture Partners, with participation from Salesforce Ventures, Axevil Capital and Moore Strategic Ventures.

Razorpay's valuation has grown 14x from $450M at its Series C in June 2019 to $6.5B in May 2022, across 5 priced rounds.

Razorpay valuation by funding round

Revenue multiple
Razorpay valuation by funding round
DateStageValuationRevenue Multiple
May 2022Secondary$6.5B40.9x
Dec 2021Series F$7.5B18.5x
Apr 2021Series E$3B7.4x
Oct 2020Series D$1B18.5x
Jun 2019Series C$450M-

Razorpay Revenue

Razorpay's latest recorded revenue is $159M, as of its secondary sale in May 2022. At a $6.5B valuation, that implies a 40.9x revenue multiple.

Revenue grew from $54M in October 2020 to $159M in May 2022, while the revenue multiple moved from 18.5x to 40.9x.

Razorpay revenue by funding round

Razorpay revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2022$159M$6.5B40.9xSecondary
Dec 2021$405M$7.5B18.5xSeries F
Apr 2021$405M$3B7.4xSeries E
Oct 2020$54M$1B18.5xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Razorpay Funding History

Razorpay has raised a total of $742M across 7 funding rounds, plus 1 secondary share sale.

Razorpay's first fundraising round was a $3M seed round in March 2015. The most recent completed round was a $375M Series F in December 2021.

Razorpay funding rounds

Razorpay funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2022SecondaryLightspeed Venture Partners (lead); Salesforce Ventures; Axevil Capital; Moore Strategic Ventures$75M$6.5BRazorpay is a Bengaluru-based digital payments firm providing full-stack financial solutions including neo-banking, SME payments, and workflow platforms. In May 2022, Lightspeed Venture Partners and Moore Strategic Ventures invested in a $75 million secondary share sale, alongside participation from Salesforce Ventures, enabling ESOP buyback for 650 employees and divestment by early angel investors. The transaction occurred at a valuation of around $6.5 billion, following a $375 million Series F round in December 2021 at $7.5 billion valuation. Razorpay had previously raised a total of about $740 million across Series A through F rounds from investors including Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India (now Peak XV Partners), Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and Mastercard. The company processed $60 billion in total payment volume (TPV) in the prior calendar year and targeted $90 billion TPV by end of 2022, reflecting over 300% growth in the last year.
Dec 2021Series FAlkeon Capital (lead); Lone Pine Capital (lead); TCV (lead); Y Combinator; GIC; Tiger Global; Peak XV Partners$375M$7.5BRazorpay, an Indian fintech unicorn founded in 2014, provides a full-stack payments platform processing transactions for over 8 million businesses including Facebook, Ola, Zomato, Swiggy, and Cred. It offers payment gateway services, neobanking via RazorpayX, international payments in 90+ currencies, and products like Magic Checkout and Tax Payment Suite. The company powers payments for 34 of 42 Indian unicorns in 2021 and achieved $60 billion TPV as of early December 2021, up from $5 billion in 2019, with over 300% YoY growth for the second year and plans for $90 billion TPV by end-2022. On December 20, 2021, Razorpay raised $375 million in its Series F round, co-led by Lone Pine Capital, Alkeon Capital, and TCV, with participation from Tiger Global, Sequoia Capital India (now Peak XV Partners), GIC, and Y Combinator. This brought total funding to $740-741.5 million since inception, more than all prior rounds combined. Post-money valuation reached $7.5 billion, more than doubling from $3 billion in April 2021 and up 7.5x from $1 billion in October 2020, making it India's second-most valuable fintech after Paytm and the fastest valuation growth for an Indian unicorn in a year. Proceeds will scale RazorpayX neobanking for 25,000+ businesses, acquire B2B SaaS companies for operations and customer experience, expand into Southeast Asia, and build products for frictionless finance. Razorpay aims to reach 10 million businesses by 2022 and prepare for IPO in 2.5+ years. It surpassed PhonePe as India's second-most valuable fintech, solidifying its lead in online payments amid rapid digital payments market growth.
Apr 2021Series EGIC (lead); Peak XV Partners (lead); Ribbit Capital; Tiger Global; Z47$160M$3BRazorpay, a Bengaluru-based fintech company founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, provides payment gateway services, business banking through RazorpayX, lending via Razorpay Capital, and an international payments gateway supporting over 90 currencies. It serves large online merchants like Swiggy, Zomato, and Ola, as well as over five million small merchants, powering payments for many Indian unicorns. The company participated in Y Combinator and focuses on simplifying payments and banking in India while expanding internationally. In April 2021, Razorpay raised $160 million in its Series E funding round, co-led by GIC and Sequoia Capital India (now Peak XV Partners), with participation from existing investors Ribbit Capital, Matrix Partners India, and Tiger Global. This brought total funding to $366.5 million across Series A through E. The round tripled the company's valuation to $3 billion from around $1 billion in its prior October 2020 Series D round of $100 million, also led by GIC and Sequoia. Proceeds from the Series E were aimed at scaling business banking operations via RazorpayX, acquiring B2B SaaS companies, and expanding into international markets like Southeast Asia. The company reported three-fold growth in payment volumes in 2020 despite economic challenges, demonstrating strong momentum in payments, banking, and lending solutions. Investors highlighted Razorpay's innovation and growth potential, with GIC's Choo Yong Cheen noting its strong momentum as a long-term partner. This round positioned Razorpay for further ecosystem building in India's digital payments market. Subsequent developments included a December 2021 Series F raise of $375 million at $7.5 billion valuation, but the queried round matches the specified investors and April 2021 date.
Oct 2020Series DGIC (lead); Peak XV Partners (lead); Y Combinator; Ribbit Capital; Tiger Global; Z47$100M$1BRazorpay Software operates a payments platform offering payment gateway services, payment links, payment pages, invoice products, short-term working capital and business loans via Razorpay Capital, and neobanking solutions through RazorpayX. Founded in 2014 by Harshil Mathur and Shashank Kumar, the Bengaluru-based company serves over a million businesses. For FY20 (ended March 31, 2020), it reported operating revenue of Rs 509 crore, up 164% from Rs 193 crore in FY19, with 77% (Rs 390 crore) from B2B products and Rs 119 crore from software development services. It achieved positive cash flow of Rs 192 crore from operations, improving from negative Rs 57 crore prior year, though losses rose to Rs 6 crore. Expenses grew significantly to Rs 525.4 crore in FY20, including employee costs of Rs 120.5 crore and other expenses of Rs 401.4 crore, with advertising up nearly 4.5-fold to Rs 16.5 crore and legal charges rising to Rs 5.6 crore. By that time, Razorpay had raised a total of $206.5 million in equity capital. The company became a unicorn around this period based on regulatory filings context.
Jun 2019Series CPeak XV Partners (lead); Ribbit Capital (lead); Y Combinator; Tiger Global$75M$450MRazorpay, a Bengaluru-based fintech startup founded in 2014, provides payment gateway solutions, business banking via RazorpayX, and lending through Razorpay Capital, targeting businesses in India with a focus on digital payments and financial services ecosystem. In June 2019, it raised $75 million in its Series C funding round led by Peak XV Partners (formerly Sequoia Capital India) and Ribbit Capital, with participation from Tiger Global Management and Y Combinator. The round aimed to enhance product offerings, expand the customer base, and support acquisitions like Thirdwatch for fraud detection and Opfin for payroll management. This Series C followed earlier rounds including a $20 million Series B in 2018 from Tiger Global. Post-2019, Razorpay expanded into Southeast Asia, pursued acquisitions of B2B SaaS firms, and invested in startups like Shiprocket via MarsShot Ventures. It faced regulatory scrutiny from India's Enforcement Directorate over unauthorized loan apps but continued growth, planning an IPO after scaling neobanking and lending. Total funding reached over $816 million by later rounds, positioning Razorpay as a leading Indian fintech unicorn.
Jan 2018Series BTiger Global (lead); Y Combinator; Z47$20M-Razorpay Software Pvt. Ltd., a Bengaluru-based online payment gateway startup, raised $20 million (Rs 127 crore) in its Series B funding round in January 2018, led by existing investors Tiger Global and Y Combinator, with participation from Matrix Partners. This brought the company's total funding to $31.5 million, following a prior $11.5 million Series A round. The funds were earmarked for scaling products, improving technological capabilities, expanding the team (aiming to hire over 70 people, with 50% in technology and product roles), and pushing new products like recurring payments, NEFT automation, and invoice management under Razorpay 2.0. The company, founded in 2014, provides comprehensive payment solutions tailored for India's digital payments surge, targeting cash-heavy traditional sectors and new-age businesses. At the time, Razorpay had around 130 employees and aimed to grow its merchant base to 200,000 by the end of 2018, with new products expected to contribute at least 30% of revenue. It reported 40-50% month-over-month growth over the past year and anticipated over 10x growth in volume and revenue by the end of the next fiscal year. This Series B positioned Razorpay amid competition from global players like Stripe and PayPal entering India. Y Combinator invested via its Continuity Fund, typically for companies with post-money valuations of $300 million or below.
Oct 2015Series ATiger Global (lead); Z47$9M-Razorpay raised $9 million in its Series A funding round in October 2015, led by Tiger Global with participation from Matrix Partners. The company had previously secured a seed round of $2.5-2.6 million from Y Combinator and 33 angel investors. This early-stage funding supported scaling merchant acquisition and expanding payment capabilities for its API-based payments gateway targeting businesses in India.
Mar 2015SeedAmit Gupta; Jeff Ferguson; Justin Kan; Anand Swaminathan; Bill Gajda; Hiro Mashita; Anshu Sharma; Abhay Singhal; GMO VenturePartners; Eric Kwan; Brad Flora; Jeff Huber$3M-Razorpay raised a $2.6 million seed round in March 2015 from investors including GMO Venture Partners, Matrix Partners, Y Combinator, and 33 angel investors such as Abhay Singhal, Amit Gupta, Anand Swaminathan, Anshu Sharma, Bill Gajda, Brad Flora, Eric Kwan, Hiro Mashita, Jeff Ferguson, Jeff Huber, and Justin Kan. The company, a Bengaluru-based payment processing platform, facilitates online payments using debit and credit cards, internet banking, and digital wallets. Razorpay participated in Y Combinator’s spring 2015 cohort, receiving $120,000 from the accelerator.

Who has invested in Razorpay?

25 investors have backed Razorpay across its funding rounds, including Tiger Global, Y Combinator, Peak XV Partners, Z47, Ribbit Capital and GIC.

Lead investors include Lightspeed Venture Partners, Alkeon Capital, Lone Pine Capital, TCV, GIC and 3 other investors.


Razorpay Investors

Investors in Razorpay by funding rounds participated
InvestorHQRoundsRoleFirst check
Tiger GlobalUnited StatesNew York City, NY6LeadOct 2015
Y CombinatorUnited StatesSan Francisco, CA4ParticipantJan 2018
Z47IndiaMumbai4ParticipantOct 2015
Peak XV PartnersIndiaBangalore4LeadJun 2019
GICSingaporeSingapore3LeadOct 2020
Ribbit CapitalUnited StatesSan Francisco, CA3LeadJun 2019
Salesforce VenturesUnited StatesSan Francisco, CA1ParticipantMay 2022
Amit GuptaUnited StatesUnited States1ParticipantMar 2015
Jeff FergusonUnited StatesSan Diego, CA1ParticipantMar 2015
Lone Pine CapitalUnited StatesGreenwich, CT1LeadDec 2021
Axevil CapitalUnited StatesSan Francisco, CA1ParticipantMay 2022
Justin KanUnited StatesUnited States1ParticipantMar 2015
TCVUnited StatesSan Francisco, CA1LeadDec 2021

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Acquisitions by Razorpay

Razorpay has acquired 8 companies to date.

Last acquisition by Razorpay was on September 11th 2023. Razorpay acquired BillMe for $10M.


Latest Acquisitions by Razorpay

BillMe
PoshVine
Ezetap
IZealiant Technologies
Description
BillMe is a digital billing platform launched in 2018 that digitizes invoices for businesses to eliminate paper processes. It supports automated reminders, payment links, and integrations with accounting software like QuickBooks. Serving SMEs in Europe, it tracks receivables and generates compliance reports.
PoshVine is a Mumbai-based marketplace curating experiential activities across India, including vineyard tours in Nashik, heritage walks in Jaipur, and hot air balloon rides in Hampi. Launched in 2015, it connects travelers with local hosts for culinary classes, wine tastings, and spa retreats in 20 cities like Goa and Rishikesh.
Ezetap is a Bengaluru-headquartered mobile payments company enabling card acceptance via a plug-in reader for Android smartphones and feature phones. The device supports EMV chip, NFC contactless, and magstripe transactions for merchants in retail, hospitality, and insurance sectors. Founded in 2011, Ezetap processes payments for clients like Domino's Pizza outlets and HDFC Bank agents across India. The platform integrates with UPI and BharatQR for QR code scanning, handling millions of daily transactions nationwide.
IZealiant Technologies is a Hyderabad-based fintech provider offering payment processing platforms and POS systems. The company delivers integrated suites for retail, hospitality, and e-commerce including card readers, digital wallets, and omnichannel gateways. Its solutions support EMV, NFC, and QR code transactions compliant with PCI DSS standards. IZealiant serves merchants in India through partnerships with banks like HDFC and ICICI, enabling seamless reconciliation and fraud detection.
HQ CountryIndiaIndiaIndiaIndia
HQ City
Mumbai
Bangalore
Bangalore
Pune
Deal Date11 Sep 202327 Sep 202216 Aug 202216 Mar 2022
Valuation$10Mundisclosed$150Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by Razorpay

Razorpay has invested in 6 companies to date.

Latest investment by Razorpay was on August 3rd 2026. Razorpay invested in Kily in their Seed round.


Latest Investments by Razorpay

Kily
Ignosis
Popclub
HostBooks
Description
Kily is a software platform that supplies independent AI agents to handle growth tasks and daily operations for online retailers.
Ignosis is a Mumbai-based financial data intelligence platform offering Account Aggregator infrastructure for BFSI institutions in India. The AI-driven service delivers income verification, spend analysis, collections intelligence, and fraud detection. Ignosis integrates with RBI-compliant rails like AA and ONDC-FS to serve banks and lenders targeting underserved credit markets.
Popclub is a direct-to-consumer online marketplace featuring curated subscription boxes for beauty and wellness products. Headquartered in New York, it partners with indie brands to deliver monthly kits containing full-size items like skincare serums and supplements. Popclub serves 100,000 members across the United States, with themed drops tied to seasonal trends. Launched in 2022, it emphasizes clean ingredients and exclusive launches.
HostBooks is a cloud-based accounting platform headquartered in Gurgaon, India. It offers GST-compliant bookkeeping, invoicing, payroll processing, and inventory management for SMEs. The service integrates with banks and e-commerce sites like Amazon India, using AI for reconciliation and audit trails. Launched in 2014, HostBooks serves over 10,000 businesses across Asia.
HQ CountryIndiaIndiaIndiaIndia
HQ City
Bangalore
Ahmedabad
Mumbai
Gurgaon
Deal Date3 Aug 202630 Sep 202511 Jun 202510 Jun 2022
RoundSeedSeedStrategic investmentSeries A
Raisedundisclosed$4M$30M$3M
InvestorsSorin Investments; Wyser CapitalPeak XV Partners; Force Ventures; Kunal Shah--
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Razorpay Competitors

Razorpay competitors include listed companies like Paymentus and WEX, and private ones like Tipalti, Airwallex, Billdesk and Dock.

Public and private companies comparable to Razorpay
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TipaltiUnited StatesSan Francisco, CAPrivate$80M-$8.3B-
PaymentusUnited StatesUnited StatesPublicly listed$1.2B$117M$4.6B3.0x
AirwallexSingaporeSingaporePrivate$1.3B-$11B8.5x
BilldeskIndiaMumbaiPrivate$99M-$1.8B18.2x
DockBrazilSão PauloPrivate--$1.5B-
WEXUnited StatesUnited StatesPublicly listed$2.7B$992M$6.7B2.1x

Razorpay Public Comps

Razorpay is still privately-owned, but its public comps include WEX, MonotaRO, Nexi, Edenred, ACI Worldwide, Paymentus, dLocal, BILL.com, GPGI and SUNMI.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
WEX$2.7B$992M2.2x2.1x6.0x4.8x
MonotaRO$2.1B$340M2.9x2.6x18.1x16.6x
Nexi$7.2B($2.3B)0.6x1.0x(1.9x)2.0x
Edenred$3.4B$1.3B2.8x2.8x7.7x6.5x
ACI Worldwide$1.8B$456M3.3x3.1x12.8x10.9x
Paymentus$1.2B$117M3.5x3.0x35.8x24.8x
dLocal$1.1B$229M3.1x2.3x14.6x10.7x
BILL.com$1.7B$34M2.4x2.4x116.2x10.3x

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Common questions about Razorpay

When was Razorpay founded?Razorpay was founded in 2014.
Where is Razorpay headquartered?Razorpay is headquartered in Bangalore, India.
Is Razorpay publicly listed?No, Razorpay is a private, VC-backed company.
What is Razorpay's valuation?Razorpay was last valued at $6.5B in its secondary sale in May 2022.
How much funding has Razorpay raised?Razorpay has raised $742M across 7 funding rounds.
What was Razorpay's last funding round?Razorpay's last funding round was a $375M Series F in December 2021, led by Alkeon Capital, Lone Pine Capital and TCV.
Who are Razorpay's investors?Razorpay's investors include Tiger Global, Y Combinator, Z47, Peak XV Partners, GIC, Ribbit Capital, Salesforce Ventures, Amit Gupta, Jeff Ferguson, Lone Pine Capital and 15 others.
What is Razorpay's revenue?Razorpay's latest recorded revenue is $159M (May 2022).
What is Razorpay's revenue multiple?Razorpay's latest valuation implies a 40.9x revenue multiple ($6.5B valuation on $159M of revenue).
Which companies are comparable to Razorpay?Companies comparable to Razorpay include Tipalti, Paymentus, Airwallex, Billdesk, Dock and WEX.
How many companies has Razorpay acquired?Razorpay has acquired 8 companies, including BillMe, PoshVine, Ezetap, IZealiant Technologies and Curlec.
What was the largest acquisition by Razorpay?The $150M acquisition of Ezetap in August 2022 is the largest acquisition Razorpay has made to date.
How many companies has Razorpay invested in?Razorpay has invested in 6 companies, including Kily, Ignosis, Popclub, HostBooks, Shiprocket and MSMEx.
What was Razorpay's last investment?In August 2026, Razorpay invested in Kily's seed round alongside Sorin Investments and Wyser Capital.

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