Payment gateway and financial infrastructure services
Strategic Profile
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. The company is targeting an IPO with ₹4,500 crore in late 2026, positioning itself as India's leading fintech infrastructure player entering public markets.
Cyborg Score Rationale
Razorpay achieved $180 billion annualized TPV in mid-2026 with a $400 billion target for 2030, demonstrating exceptional growth trajectory. FY25 revenue reached ₹3,783 crore with 65% YoY growth, and adjusted Q2 FY26 revenue of ₹9,891 crore reflected 756% growth. The company operates with market-leading position and structural profitability despite near-term listing challenges.
Top Insights
CEO Harshil Mathur framed the underlying business as healthier than headline losses, noting the company delivered top-line growth and improved gross margins, with online payments becoming EBITDA-profitable despite ESOP charges and reverse-flip tax costs from redomiciling to India.
The company posted a ₹1,209 crore net loss in FY25, driven largely by ESOP charges and reverse-flip tax costs related to the corporate reorganization.
Razorpay made an early-stage VC investment in Nitro Commerce in January 2026, signaling continued venture activity alongside IPO preparation.
Razorpay's valuation arc represents a rare downward private-to-public re-rating, with the June 2026 DRHP targeting a ₹5,000 to ₹6,000 crore raise representing a 20-33% downward re-rating from the December 2021 Series F peak private valuation of $7.5 billion.
Named Competitors
Stripe — Global payments infrastructure for internet
PayU — Regional payment gateway and fintech services
Flutterwave — African payments and fintech platform
Recent Developments
(June 2026) Filed confidential DRHP for IPO targeting ₹5,000 to ₹6,000 crore raise with late-2026 listing window
(June 2026) Announced agentic-payments launches across Anthropic Claude, OpenAI Codex, RazorpayX connected banking, and biometric Passkey
(January 2026) Received RBI Payment Aggregator Cross-Border (PA-CB) licence enabling 130+ currencies and 180+ countries operations