Razorpay revenue grows 24% in FY24 to Rs 2,068 cr, total income crosses Rs 2,500 cr

Razorpay reports FY 24 numbers

Bengaluru-based payments gateway firm Razorpay reported a 24 percent growth in revenue at Rs 2,068 crore in FY24. Its total income had crossed Rs 2,501 crore last fiscal, the company said in a statement.

The fintech firm, valued at $7 billion, also reported a 4.7-times growth in net profit, which stood at Rs 35 crore in FY24. The good growth in FY24 came even as the company was asked by the banking regulator to stop onboarding new customers, until the final approval for the payment aggregator licence, which came during the second half of FY24.

Razorpay had reported a total income of Rs 2,293 crore in FY23 and a net profit of Rs 7 crore during the year. Its revenue stood at Rs 1,665 crore in FY23.

Razorpay attributed its revenue growth to the organisation's sustained efforts towards driving deeper penetration with its existing businesses through new product offerings. "The company had launched over 40 products for existing businesses during the onboarding on hold and witnessed wide adoption and scale across sectors," the company said. It registered an annualised Total Payment Volume (TPV) of $180 Billion.

Razorpay is also shifting its registered office back to India, ahead of a potential IPO. Several fintech firms have been relocating their domicile to India as some of the operational requirements become easier for India-based companies in a tightly regulated space.

The company's total expenses rose 7 percent year-on-year to Rs 2,454 crore in the last fiscal. Its employee benefits expenses, which comprise salaries and other employee payouts, contributed around 25 percent of the total expenses at Rs 611 crore in FY24.

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay is backed by investors like Y Combinator, GIC, Sequoia Capital India, Ribbit Capital, Matrix Partners, MasterCard, and others who have collectively invested over $740 million in the company.