Razorpay: What It Does, Who Runs It, Funding and News

Razorpay is a payments and business banking company headquartered in Bengaluru, India. Businesses use it to take payments online and in stores, pay vendors and staff, and run current accounts. Harshil Mathur, a co-founder, is CEO, as Y Combinator's company page shows.

Razorpay's shares are not traded on any exchange. In June 2026 it confidentially pre-filed draft papers for an initial public offering with India's market regulator, the Securities and Exchange Board of India (SEBI), a route that lets a company file its draft privately before releasing a public version. This page covers Razorpay's key facts, products, leadership, funding rounds and announcements since spring 2025.

Razorpay key facts

Customer counts differ by date. In December 2021 Razorpay told TechCrunch it served over 8 million businesses; its about page in October 2026 says more than 5 million, without a date or definition.

What Razorpay does

Razorpay sells software that lets businesses collect money from customers and move money out to vendors, staff and tax authorities. Its about page groups the products into two families:

• Payments. A payment gateway and payment aggregator service, payment links and pages, UPI (India's instant bank-to-bank payment system) and QR code payments, subscriptions, a one-click checkout called Magic Checkout, international payments and Razorpay POS for in-store card payments.
• Banking (RazorpayX). Current accounts with partner banks (ICICI, RBL and Yes Bank are named), payouts, payroll, escrow accounts, tax payments, corporate cards, forex transfers and Razorpay Capital for business financing.

Razorpay expanded outside India in February 2022 by buying a majority stake in Curlec, a Kuala Lumpur recurring payments company, which Mathur said valued Curlec at $19 million to $20 million, Business Today reported. Earlier acquisitions named in that report were Thirdwatch (2018), Opfin (2019) and TERA Finlabs (2021).

Razorpay paused onboarding new online merchants from late 2022, pending final payment aggregator approval from the Reserve Bank of India. It received final authorization and resumed onboarding on December 19, 2023, Entrackr reported.

Who runs Razorpay

Harshil Mathur, a co-founder, is Razorpay's CEO; his title on YC's page is Founder/CEO, and Razorpay's August 2026 release names him CEO and founder. Other leaders named in company releases and reporting:

Each title is as stated in the source beside it. Mathur and Kumar are alumni of IIT Roorkee, according to Business Today.

Razorpay funding history

Razorpay said in December 2021 that it had raised over $740 million in seven years, TechCrunch reported; Inc42 put total funding above $800 million in June 2026. Backers listed on Razorpay's about page include GIC, Sequoia, Ribbit Capital, Tiger Global Management, Matrix Partners India, Y Combinator and Lightspeed. The rounds below had published amounts.

Mastercard also made an undisclosed investment in mid-2016, Global Venturing reported. No priced round after December 2021 has been reported.

Razorpay finances

For the year ended March 31, 2025, Razorpay reported operating revenue of ₹3,783 crore (one crore is 10 million rupees), up 65% from ₹2,296 crore, and gross profit of ₹1,277 crore, Inc42 reported in October 2025. It posted a net loss for the year, which it attributed mainly to a ₹1,209 crore employee stock option expense and one-time costs of moving its parent company to India. The CEO said the India business should be "solidly profitable" by the end of the year to March 2026. As of October 2026, no audited results for that year had been reported.

Razorpay news, 2025 to 2026

• May 2025: Razorpay completed its reverse flip, merging its US-registered parent into its Indian subsidiary so the group is domiciled in India (Business Today).
• October 2025: Razorpay's FY25 results showed 65% revenue growth and a net loss; its CFO said it was aiming to list within the year to March 2027 (Inc42).
• Early 2026: Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi were appointed to work on the IPO (Inc42).
• April 22, 2026: Razorpay said it had become the first Indian payment aggregator to enable card payments through Google Pay (Razorpay).
• May 15, 2026: Apuarv Sethi was named chief marketing officer (Razorpay).
• May 27, 2026: Razorpay released a payments command-line tool for developers and AI agents (Razorpay).
• June 12, 2026: Razorpay confidentially pre-filed its draft prospectus with SEBI, disclosed through a newspaper notice. The plan includes a fresh issue of about $316 million plus an offer for sale by existing shareholders (The Paypers). Reported total issue sizes range from $500 million to $600 million (Inc42).
• August 18, 2026: Razorpay launched Vulcan, an AI model for payments trained on about 4 billion payments, which it says detects more fraud and raises payment success rates (Razorpay).
• September 30, 2026: Apple Pay went live for Razorpay merchants in India, online and in store (Razorpay).
• October 5, 2026: Razorpay partnered with OpenAI to help Indian brands run ChatGPT Ads through Razorpay Engage, its marketing platform (Razorpay).

As of October 27, 2026, no listing date or public draft prospectus had been reported. Razorpay's own newsroom lists its latest announcements.