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Razorpay

Also a provider — view Razorpay’s profile →

“Can a payment gateway become India's full-stack financial OS for digital-first businesses — covering acceptance, banking, payroll, lending and cards — before global platforms or Indian banks catch up?”

Founded2013
HQBangalore, Karnataka, India
FoundersHarshil Mathur, Shashank Kumar
Total raised$741.5M+ (reported)
Latest roundIPO (Announced), $700M
Valuation$7.5B (Series F, 2021)
IndustryFintech / Payments
The story

Founded 2013 as a developer-friendly payment gateway for Indian businesses, Razorpay evolved into 'Razorpay 2.0' in 2017 — a converged payments platform covering acceptance, disbursal and reconciliation. Subsequent expansion into RazorpayX (business banking, payouts, corporate cards), RazorpayX Payroll (via the Opfin acquisition), and Razorpay Capital (lending) repositioned it as India's full-stack financial OS for SMBs. International expansion into Malaysia (Curlec acquisition) and Singapore (PCI-DSS certified entity) precedes its 2025 IPO filing.

Last 12 months
2025-06
2025-10
2025
Product timeline
2013
Founded by IIT Roorkee alumni Harshil Mathur and Shashank Kumar to simplify online payments in India.· pivot
2017
Series B led by Tiger Global; launched 'Razorpay 2.0' converged payments platform.· pivot
2020
Launched RazorpayX business banking and Cash Advance credit line for MSMEs.· banking
2020
Acquired Opfin to launch RazorpayX Payroll.· acquisition
2021
Series F at $7.5B valuation.· pivot
2022
Acquired Curlec to expand into Malaysia.· acquisition
2025
Launched RazorpayX Corporate Cards with Mastercard, RBL Bank and YES Bank.· card
2025
IPO registration announced ($700M filing).· ipo
Regulated entities
2
regulatory licences held by Razorpay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
8 layers disclosed in Razorpay’s embedded-finance stack
Payments / PSP
Razorpay Payment Gateway (self-operated)Razorpay Payment Aggregator (self-operated)Razorpay POS (self-operated)Razorpay Magic Checkout (self-operated)Razorpay Optimizer (self-operated)Razorpay Curlec (Malaysia, self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Payroll
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
13 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.