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Razorpay

Fintech (Payments)Bengaluru, Karnataka, India

Razorpay is an Indian payments and financial services company providing online payment gateway infrastructure, business banking, payroll and lending to merchants. It processes payments for businesses across e-commerce, SaaS and offline retail.

1StartupFox story
2014Founded
Fintech(Payments)Sector
Jun 2026Latest coverage

Funding

Razorpay has raised $739M across 7 disclosed rounds, most recently a Series F in Dec 2021.

$739MRaised
Series FLatest round · Dec 2021
$7.5BValuation
7Events
Series FDec 2021reported
$375M
InvestorsLone Pine Capital, Alkeon Capital, TCV, Tiger Global, Sequoia Capital India, GIC, Y Combinator
Valuation$7.5B
Tap any bar to see that round
Dec 2021Series F$375MLone Pine Capital, Alkeon Capital, TCV, Tiger Global, Sequoia Capital India, GIC, Y Combinator $7.5B
Apr 2021Series E$160MSequoia Capital India, GIC, Ribbit Capital, Z47 (Matrix Partners India) $3B
Oct 2020Series D$100MGIC, Sequoia Capital India, Ribbit Capital, Tiger Global, Y Combinator $1B
Jun 2019Series C$75MRibbit Capital, Sequoia Capital India, Tiger Global, Y Combinator, Z47 (Matrix Partners India)
Feb 2018Series B$20MTiger Global, Y Combinator, Z47 (Matrix Partners India), Mastercard
Oct 2015Series A$9MTiger Global, Z47 (Matrix Partners India), Y Combinator
Jan 2015Seed$125KY Combinator

Valuation journey

Price marks from disclosed rounds — Razorpay has been a unicorn since Oct 2020, last reported at $7.5B (unconfirmed).

$2.1B$4.1B$6.2B$8.3B $1B$3B$7.5B OCT 2020APR 2021DEC 2021
◉ Disclosed at round◌ Reported, unconfirmed
Series F · $375MDec 2021reported
$7.5B
Step-up2.5× vs Apr 2021
Tap any mark to see that valuation

Investor roster

Every disclosed backer and how often they've written a cheque — repeat names are the strongest conviction signal on the cap table.

New · Latest leadLone Pine Capital1 round · 2021
Y Combinator6 rounds · since 2015
Tiger Global5 rounds · since 2015
Sequoia Capital India4 rounds · since 2019
Z47 (Matrix Partners India)4 rounds · since 2015
GIC3 rounds · since 2020
Ribbit Capital3 rounds · since 2019
Alkeon Capital1 round · 2021
TCV1 round · 2021
Mastercard1 round · 2018
Aggregated automatically from the disclosed rounds above.

Financials

Revenue and profit after tax as filed with the Registrar of Companies.

FY25Revenuereported
₹3,783 Cr
PAT₹1,209 Cr loss
EBITDA
Growth+65% YoY
Basisconsolidated
Company-announced; RoC filing pending as of Oct 2025. Gross profit ₹1,277 Cr; loss driven by ESOP charges and reverse-flip tax — online payments EBITDA-positive
Tap any bar to see that year
₹ figures as filed, not restated

Leadership

HMHarshil MathurCo-founder · CEOSKShashank KumarCo-founder
ACArpit ChugCFO

The Razorpay journey

2014 · founded
Founded in Bengaluru by Harshil Mathur, Shashank Kumar.
Jan 2015 · funding
Seed — $125K, led by Y Combinator.
Oct 2015 · funding
Series A — $9M, led by Tiger Global.
Feb 2018 · funding
Series B — $20M, led by Tiger Global.
Jun 2019 · funding
Series C — $75M, led by Ribbit Capital.
Oct 2020 · funding
Series D — $100M at $1B, led by GIC.
Apr 2021 · funding
Series E — $160M at $3B, led by Sequoia Capital India.
Dec 2021 · funding
Series F — $375M at $7.5B, led by Lone Pine Capital.
Apr 2025 · milestone
Converts to a public limited company, the mandatory step before an Indian listing. ↗
May 2025 · milestone
Completes its reverse flip to India — the US parent merges into Razorpay Software India ahead of listing plans, at a ~$150M tax cost. ↗
IPO Watchreported
StatusConverted to public limited entity; DRHP reportedly filed confidentially
DRHPConfidential — reported Jun 2026, targeting a ₹5,000–6,000 Cr raise
ExpectedListing window not announced
Reverse flip to India completed May 2025 at a ~₹1,275 Cr tax cost; public announcement of the filing is still pending. Source ↗

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Latest on Razorpay

Lite Updates
Razorpay Confidentially Files for $600 Million IPO Following Reverse Flip
15 JUN 2026 · 3 MIN READ

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Frequently Asked

What is Razorpay?

Razorpay is an Indian payments and financial services company providing online payment gateway infrastructure, business banking, payroll and lending to merchants. It processes payments for businesses across e-commerce, SaaS and offline retail.

Who founded Razorpay?

Razorpay is associated with Harshil Mathur, Shashank Kumar.

How much funding has Razorpay raised?

Razorpay has raised $739M across 7 disclosed rounds. The most recent was a $375M Series F in Dec 2021.

Who are Razorpay's investors?

Disclosed investors in Razorpay include Lone Pine Capital, Alkeon Capital, TCV, Tiger Global, Sequoia Capital India, GIC, Y Combinator, Ribbit Capital, Z47 (Matrix Partners India), Mastercard.

What is Razorpay's valuation?

Razorpay was last reported at $7.5B, at the time of its Series F in Dec 2021.

Is Razorpay profitable?

Per its FY25 consolidated filing, Razorpay reported ₹3,783 Cr in revenue, with a ₹1,209 Cr loss.

What is the status of the Razorpay IPO?

Converted to public limited entity; DRHP reportedly filed confidentially. DRHP: Confidential — reported Jun 2026, targeting a ₹5,000–6,000 Cr raise. (As reported; not confirmed by the company.)

What is the latest news on Razorpay?

The most recent StartupFox coverage is “Razorpay Confidentially Files for $600 Million IPO Following Reverse Flip” (15 June 2026). All stories are listed on this page.