Razorpay Software Private Limited
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 | |
| Private | |
| ISIN | 🆔 |
| Industry | |
| Founded 📆 | May 2014 in Karnataka, India |
| Founder 👔 |
|
| Headquarters 🏙️ | Bangalore, Karnataka, India |
Area served 🗺️ | |
Key people | |
| Services | Payments |
| Revenue🤑 |  ₹844 crores (FY2021) |
| ₹7 crores (FY21) | |
| Members | |
Number of employees | |
| Subsidiaries |
|
| 🌐 Website | razorpay |
| 📇 Address | |
| 📞 telephone | |
Razorpay (officially known as Razorpay Software Private Limited) is an Indian fintech company headquartered in Bangalore that provides payment gateway services to vendors, merchants and ecommerce platforms.
History[edit]
Razorpay was founded in May 2014 by two alumnus of IIT Roorkee, Shashank Kumar and Harshil Mathur with the aim of solving online payment issues faced by small and medium-sized businesses (SMBs) and ecommerce companies.[3][4] The company initially focused on providing a seamless payment experience for online transactions.
Services[edit]
Razorpay offers a range of services including payment gateway solutions, automated bank transfers, recurring payments and invoice sharing. The platform is designed to handle end-to-end payments and can be integrated with various websites and apps.[5][6]
Engage and AI assistant[edit]
In February 2024, Razorpay upgraded its existing payment gateway, introduced a POS device and launched Engage (full-stack marketing growth suite) along with AI assistant for payments.[7]
Q-zap[edit]
In May 2024, Razorpay introduced Q-Zap for offline payments which reduced billing time by 40% and operating cost by 20%.[8][9][10]
Push provisioning[edit]
In August 2024, Razorpay launched push provisioning based on card tokenisation allowing cardholders to save card details with multiple businesses in a single step.[11]
Data integration without code[edit]
In September 2024, Razorpay launched data integration platform without code through DataSync built in colaboration with AWS and Snowflake.[12][13][14]
Approvals and recognition[edit]
- Approved by Reserve Bank of India as payment aggregator in December, 2023[15]
- Forbes Cloud top 100 list in 2024[16]
Controversies[edit]
Data Breach and Fraudulent Transactions[edit]
In May 2022, Razorpay reported a data breach where hackers and fraudulent customers stole approximately Rs. 7.38 crore by manipulating the authorization process to authenticate 831 failed transactions.[17]
Alt News Data Sharing[edit]
In July 2022, Razorpay was involved in a controversy related to the deactivation of accounts and sharing donor information with the police following the arrest of Mohammed Zubair, co-founder of Alt News. This incident raised concerns about data privacy and the lack of a data protection law in India.[18]
Funding and financials[edit]
Razorpay has raised significant funding from various investors.
Fund Raising[edit]
| Investor | Transaction | Funds raised[19] | Valuation[19] |
| Y Combinator | Seed | $2.6M | Undisclosed |
| Tiger Global | Series A | $9M | Undisclosed |
| Tiger Global, Y Combinator | Series B | $20M | Undisclosed |
| Ribbit Capital, Sequoia | Series C | $75M | ~450 Million USD |
| GIC Singapore, Sequoia | Series D | $100M | 1 billion USD |
| GIC Singapore, Sequoia | Series E | $160M | 3 billion USD |
| TCV, Alkeon Capital, Lone Pipe | Series F | $375M | 7.5 billion USD |
Yearly results[edit]
| Year | Revenue (in crores) | Profits/loss (In crores) | Source |
|---|---|---|---|
| FY 2018 | 90
|
 -13
|
[20] |
| FY 2019 | 197.4
|
-3.2
|
[21] |
| FY 2020 | 519.4
|
-6.1
| |
| FY 2021 | 844
|
7
|
IPO[edit]
Razorpay plans to launch its IPO by fiscal year 2027.[22][23][24]
Revenue[edit]
Razorpay's revenue from operations grew 54% from Rs 1,481 crore in FY22 to Rs 2,279 crore in FY23. Employee salaries and benefits were the biggest cost centres for the start-up and comprised 28% of the total expenses as of February, 2024.[25]
Acquisitions[edit]
- Acquired ThirdWatch in 2019, an AI-powered company that specializes in big data to reduce return-to-origin and fraud orders for e-commerce businesses.[26][27]
- Acquired Opfin (RazorpayX) in 2019, a payroll management firm.[28][29][30]
- Acquired TERA Finlabs in 2021, an AI-based risk tech SaaS platform.[31][32][33]
- Acquired PoshVine in 2022, customer loyalty and rewards[34]
See also[edit]
References[edit]
- ↑ Abrar, Peerzada (2024-07-28). "Razorpay eyes $750 billion P2M payments by 2030, says CFO Arpit Chug". Business Standard. Retrieved 2024-10-11.
- ↑ Kannan, Uma (2024-03-18). "Fintech regulations by RBI play crucial role: Razorpay COO". The New Indian Express. Retrieved 2024-10-11.
- ↑ Mitra, Sudeshna (2024-09-08). "We plan to reach $750 billion payments volume goal by 2030: Razorpay's Shashank Kumar". Business Today. Retrieved 2024-10-11.
- ↑ Goled, Shraddha (2024-09-19). "We are putting efforts into building our open-source portfolio: Razorpay's CTO". Techcircle. Retrieved 2024-10-11.
- ↑ Jain Kaushal, Teena (2024-04-03). "Razorpay's simple fundamental: Here's what makes the fintech major a force to reckon with". Business Today. Retrieved 2024-10-11.
- ↑ Panchal, Salil (2024-08-30). "Razorpay Doubles Down On Merchant Onboarding, Omni-channel Presence". Forbes India. Retrieved 2024-10-11.
- ↑ Kawale, Ajinkya (2024-02-23). "Fintech major Razorpay's latest offerings: PoS device, marketing stack". Business Standard. Retrieved 2024-10-11.
- ↑ "Razorpay launches Q-Zap, new solution for faster offline billing". The Economic Times. 2024-05-29. ISSN 0013-0389. Retrieved 2024-10-11.
- ↑ "Razorpay POS launches Q-Zap to reduce billing wait time by 40%". BusinessLine. 2024-05-29. Retrieved 2024-10-11.
- ↑ "Razorpay POS launches Q-Zap solution to reduce billing wait time by 40%". Business Today. 2024-05-29. Retrieved 2024-10-11.
- ↑ "Razorpay Launches Industry-First Push Provisioning For Cards: Set to Drive 40% Increase in Activation Spends". NDTV. 2024-08-27. Retrieved 2024-10-11.
- ↑ "Razorpay becomes first-ever payment aggregator to launch no-code data integration platform". The Times of India. 2024-09-17. ISSN 0971-8257. Retrieved 2024-10-11.
- ↑ Banthia, Jyoti (2024-09-17). "Razorpay launches DataSyn integration platform,slashes operational costs by 50%". BusinessLine. Retrieved 2024-10-11.
- ↑ Mathias, Gloria (2024-09-17). "Razorpay unveils 'DataSync' to reduce operational costs for Indian merchants". IBS Intelligence. Retrieved 2024-10-11.
- ↑ "RBI grants payment aggregator licences to Razorpay, Cashfree, others; FirstCry's IPO details". The Economic Times. Retrieved 2024-10-11.
- ↑ "Razorpay featured on 'Forbes Cloud 100 2024,' one of few Indian companies on the list". Hindustan Times. 2024-08-16. Retrieved 2024-10-11.
- ↑ "Hackers, fraudulent customers steal Rs 7.38 crore from payment gateway firm Razorpay". The Economic Times. Press Trust of India. 2022-05-20. ISSN 0013-0389. Retrieved 2024-10-11.
- ↑ "Alt News & Razorpay spar over deactivation of accounts, data breach". The Times of India. TNN. 2022-07-06. ISSN 0971-8257. Retrieved 2024-10-11.
- ↑ 19.0 19.1 Mishra, Digbijay. "Razorpay's valuation rises to $7.5 billion after $375-million funding". The Economic Times. Retrieved 2022-05-22.
- ↑ Vardhan, Jai; Tyagi, Gaurav (2019-12-06). "Razorpay revenue jumps 2X in FY19 as it inches close to being cash flow positive". Entrackr. Retrieved 2022-05-22.
- ↑ "Fintech Unicorn Razorpay Turns Profitable As Revenue Crosses INR 800 Cr In FY21". Inc42 Media. 2022-03-11. Retrieved 2022-05-22.
- ↑ Banthia, Jyoti (2024-02-23). "Razorpay to shift domicile to India, eyes IPO in two years". BusinessLine. Retrieved 2024-10-11.
- ↑ Bhalla, Tarush (2024-02-24). "Tax payout for domiciling to India is high but we have accounted for it: Razorpay CEO". The Economic Times. ISSN 0013-0389. Retrieved 2024-10-11.
- ↑ Kumar, Chitranjan (2024-09-05). "Listed fintechs' m-cap surges from $2bn to $46bn in two decades; over 50 firms eye IPOs". Fortune India. Retrieved 2024-10-11.
- ↑ "Razorpay's payments entity reports flat profit of Rs 7.3 crore in FY23". The Economic Times. 2024-02-29. ISSN 0013-0389. Retrieved 2024-10-11.
- ↑ Abrar, Peerzada (2019-08-05). "Razorpay acquires Gurgaon-based fraud prevention AI startup Thirdwatch". Business Standard India. Retrieved 2021-08-08.
- ↑ Bhakta, Pratik. "Razorpay buys fraud analytics firm Thirdwatch". The Economic Times. Retrieved 2021-08-08.
- ↑ "Business boost: Razorpay acquires Opfin; to promote digital growth". The Financial Express. 2019-11-23. Retrieved 2021-08-08.
- ↑ "Payments company Razorpay buys payroll management firm Opfin - Times of India". The Times of India. Nov 23, 2019. Retrieved 2021-08-08.
- ↑ "Razorpay acquires Opfin, introduces corporate credit cards with RBL". Business Insider. Retrieved 2021-08-08.
- ↑ PYMNTS (2021-07-19). "Razorpay Acquires Startup TERA Finlabs". www.pymnts.com. Retrieved 2021-08-08.
- ↑ "Razorpay acquires TERA Finlabs in push for startup, MSME loans". The Economic Times. Retrieved 2021-08-08.
- ↑ Bhalla, Tarush (2021-07-19). "Razorpay acquires TERA in its 3rd buyout". mint. Retrieved 2021-08-08.
- ↑ "PoshVine 7th acquisition". Moneycontrol.
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