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Razorpay Software Private Limited

From EverybodyWiki Bios & Wiki







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Razorpay Software Private Limited
Private
ISIN🆔
Industry
Founded 📆May 2014; 10 years ago (2014-05) in Karnataka, India
Founder 👔
Headquarters 🏙️Bangalore, Karnataka,
India
Area served 🗺️
Key people
  • Arpit Chug (CFO)
  • Rahul Kothari (COO)
ServicesPayments
Members
Number of employees
Subsidiaries
  • Tera Finlabs
  • Thirdwatch Data Opfin Software
  • Curlec Sdn Bhd
  • IZealiant Technologies
🌐 Websiterazorpay.com
📇 Address
📞 telephone

Razorpay (officially known as Razorpay Software Private Limited) is an Indian fintech company headquartered in Bangalore, India.

History[edit]

Razorpay was founded in May 2014 by alumnus of [IIT Roorkee]]: Shashank Kumar and Harshil Mathur in a period faced with online payment issues by small and medium-sized businesses (SMBs) and ecommerce companies.[1][2] The company initially focused on providing a seamless payment experience for online transactions.

Products and services[edit]

Razorpay's products and services include payment gateway solutions, automated bank transfers, recurring payments and invoice sharing. The platform handle end-to-end payments and has optional integration with other websites and apps.[3][4]

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.[5]

Q-zap[edit]

In May 2024, Razorpay introduced Q-Zap for offline payments which reduced billing time by 40% and operating cost by 20%.[6][7][8]

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.[9]

Data integration without code[edit]

In September 2024, Razorpay launched data integration platform without code through DataSync built in colaboration with AWS and Snowflake.[10][11][12]

Approvals and recognition[edit]

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.[15]

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.[16]

Chinese loan app case[edit]

In March 2023, the Enforcement Directorate filed a chargesheet against Razorpay Software Private Limited among others, on money laundering charges.[17] The chargesheet was filed before the Special Prevention of Money Laundering Act court in Bengaluru.[18] The case originated from multiple FIRs filed by the Bengaluru Police CID based on complaints from customers who had availed loans from Chinese loan apps and faced harassment from recovery agents.[19]

The ED's investigation revealed that Razorpay had agreements with three non-banking financial companies (NBFCs) for disbursing loans through digital lending apps. These companies were found to be running the money-lending business illegally, and the NBFCs knowingly allowed them to use their names for commissions without ensuring proper conduct. The ED had earlier issued provisional attachment orders to freeze ₹77.25 crore in funds linked to the case.[20]

Razorpay Software Private Limited was named in the chargesheet as an accused, along with fintech companies.[21]

Funding and financials[edit]

Razorpay has raised significant funding from various investors.

Fund Raising[edit]

Investor Transaction Funds raised[22] Valuation[22]
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 Increase 90 Decrease -13 [23]
FY 2019 Increase 197.4 Increase -3.2 [24]
FY 2020 Increase 519.4 Decrease -6.1
FY 2021 Increase 844 Increase 7

IPO[edit]

Razorpay plans to launch its IPO by fiscal year 2027.[25][26][27]

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.[28]

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.[29][30]
  • Acquired Opfin (RazorpayX) in 2019, a payroll management firm.[31][32][33]
  • Acquired TERA Finlabs in 2021, an AI-based risk tech SaaS platform.[34][35][36]
  • Acquired PoshVine in 2022, customer loyalty and rewards[37]

See also[edit]

References[edit]

  1. ↑ 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.
  2. ↑ Goled, Shraddha (2024-09-19). "We are putting efforts into building our open-source portfolio: Razorpay's CTO". Techcircle. Retrieved 2024-10-11.
  3. ↑ 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.
  4. ↑ Panchal, Salil (2024-08-30). "Razorpay Doubles Down On Merchant Onboarding, Omni-channel Presence". Forbes India. Retrieved 2024-10-11.
  5. ↑ Kawale, Ajinkya (2024-02-23). "Fintech major Razorpay's latest offerings: PoS device, marketing stack". Business Standard. Retrieved 2024-10-11.
  6. ↑ "Razorpay launches Q-Zap, new solution for faster offline billing". The Economic Times. 2024-05-29. ISSN 0013-0389. Retrieved 2024-10-11.
  7. ↑ "Razorpay POS launches Q-Zap to reduce billing wait time by 40%". BusinessLine. 2024-05-29. Retrieved 2024-10-11.
  8. ↑ "Razorpay POS launches Q-Zap solution to reduce billing wait time by 40%". Business Today. 2024-05-29. Retrieved 2024-10-11.
  9. ↑ "Razorpay Launches Industry-First Push Provisioning For Cards: Set to Drive 40% Increase in Activation Spends". NDTV. 2024-08-27. Retrieved 2024-10-11.
  10. ↑ "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.
  11. ↑ Banthia, Jyoti (2024-09-17). "Razorpay launches DataSyn integration platform,slashes operational costs by 50%". BusinessLine. Retrieved 2024-10-11.
  12. ↑ Mathias, Gloria (2024-09-17). "Razorpay unveils 'DataSync' to reduce operational costs for Indian merchants". IBS Intelligence. Retrieved 2024-10-11.
  13. ↑ "RBI grants payment aggregator licences to Razorpay, Cashfree, others; FirstCry's IPO details". The Economic Times. Retrieved 2024-10-11.
  14. ↑ "Razorpay featured on 'Forbes Cloud 100 2024,' one of few Indian companies on the list". Hindustan Times. 2024-08-16. Retrieved 2024-10-11.
  15. ↑ "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.
  16. ↑ "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.
  17. ↑ "Chinese loan app case: ED files chargesheet against Razorpay, fintech firms, NBFCs". The Economic Times. Press Trust of India. 2023-03-17. ISSN 0013-0389. Retrieved 2024-11-29.
  18. ↑ "ED files chargesheet in Chinese loan application case". The Hindu. 2023-03-17. ISSN 0971-751X. Retrieved 2024-11-29.
  19. ↑ "Chinese loan app cases: ED files charges against Razorpay, NBFCs". The Times of India. Times News Network. 2023-03-18. ISSN 0971-8257. Retrieved 2024-11-29.
  20. ↑ "ED chargesheets Razorpay, others in Chinese loan app case". The Indian Express. 2023-03-17. Retrieved 2024-11-29.
  21. ↑ Khatri, Dhananjay (2023-03-17). "Chinese loan apps case: ED says chargesheet filed against Razorpay, fintech firms, NBFCS". CNBC TV18. Retrieved 2024-11-29.
  22. ↑ 22.0 22.1 Mishra, Digbijay. "Razorpay's valuation rises to $7.5 billion after $375-million funding". The Economic Times. Retrieved 2022-05-22.
  23. ↑ 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.
  24. ↑ "Fintech Unicorn Razorpay Turns Profitable As Revenue Crosses INR 800 Cr In FY21". Inc42 Media. 2022-03-11. Retrieved 2022-05-22.
  25. ↑ Banthia, Jyoti (2024-02-23). "Razorpay to shift domicile to India, eyes IPO in two years". BusinessLine. Retrieved 2024-10-11.
  26. ↑ 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.
  27. ↑ 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.
  28. ↑ "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.
  29. ↑ Abrar, Peerzada (2019-08-05). "Razorpay acquires Gurgaon-based fraud prevention AI startup Thirdwatch". Business Standard India. Retrieved 2021-08-08.
  30. ↑ Bhakta, Pratik. "Razorpay buys fraud analytics firm Thirdwatch". The Economic Times. Retrieved 2021-08-08.
  31. ↑ "Business boost: Razorpay acquires Opfin; to promote digital growth". The Financial Express. 2019-11-23. Retrieved 2021-08-08.
  32. ↑ "Payments company Razorpay buys payroll management firm Opfin - Times of India". The Times of India. Nov 23, 2019. Retrieved 2021-08-08.
  33. ↑ "Razorpay acquires Opfin, introduces corporate credit cards with RBL". Business Insider. Retrieved 2021-08-08.
  34. ↑ PYMNTS (2021-07-19). "Razorpay Acquires Startup TERA Finlabs". www.pymnts.com. Retrieved 2021-08-08.
  35. ↑ "Razorpay acquires TERA Finlabs in push for startup, MSME loans". The Economic Times. Retrieved 2021-08-08.
  36. ↑ Bhalla, Tarush (2021-07-19). "Razorpay acquires TERA in its 3rd buyout". mint. Retrieved 2021-08-08.
  37. ↑ "PoshVine 7th acquisition". Moneycontrol.



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