Razorpay Software Limited

Business Overview

Razorpay is one of India's leading full-stack fintech companies providing online payment gateway/aggregation, payouts and neobanking/business-banking (RazorpayX), lending (Razorpay Capital) and payroll services to merchants and businesses. This legal entity is the India parent/holding company of the Razorpay group following its May 2025 reverse-flip from the US to India.

Sector & Classification

NIC 72200 (per CIN prefix U72200) — "Computer programming, consultancy and related activities" / software. Operationally a fintech payment aggregator/gateway and business-banking platform (holds RBI Payment Aggregator licence at group level).

Directors & Key Management

Board (per TheCompanyCheck/Tofler/Falconebiz, 2025-26):

- Shashank Kumar — Managing Director & Co-founder; DIN 06556746 [source: IndiaFilings]

- Harshil Mathur — Director / CEO & Co-founder; DIN 6549915 (i.e. 06549915) [source: MyCorporateInfo]

- Arif Khan — Director (appointed 27 Mar 2025); DIN not obtained

- Subramaniam Somasundaram — Additional/Independent Director (appointed 11 Aug 2025); DIN not obtained

- Ira Gupta — Additional/Independent Director (appointed 11 Aug 2025); DIN not obtained

- Shilpa Mankar Ahluwalia — Additional/Independent Director (appointed 11 Aug 2025); DIN not obtained

Key management: Arpit Chug — CFO (not a board director per filings). DINs for the four non-founder directors not obtained from allowed sources (Falconebiz blocked by CAPTCHA; MCA disallowed).

GST Registrations

Primary GSTIN: 29AAGCR4375J1ZU — Karnataka (state code 29), status ACTIVE, Regular taxpayer, registered 01-Jul-2017 [source: KnowYourGST/Masters India/Pice].

Second Karnataka GSTIN: 29AAGCR4375J2ZT — status ACTIVE, registered as Input Service Distributor (ISD), registered 02-Feb-2024 [source: KnowYourGST].

PAN: AAGCR4375J. Home state: Karnataka. Number of registrations: reported ~7 across multiple states (incl. Maharashtra, Rajasthan, Haryana, Karnataka) [source: KnowYourGST — not independently cross-verified; partial].

Financials

STANDALONE — Razorpay Software Limited, FY2024-25 (audited, per Tofler):

- Revenue: Rs 52.1 crore (down ~97.86% YoY) — sharp fall reflects operating business/revenue shifting to subsidiaries after the reverse-flip; this entity is now largely a holding company.

- EBITDA: approx. -Rs 286.5 crore

- Net loss (PAT): -Rs 1,021.6 crore

- Net worth: Rs 3,771.9 crore (up ~392.9% YoY, reflecting capital infusion/restructuring)

- Total assets: Rs 4,906.9 crore

[source: Tofler]

CONSOLIDATED — Razorpay group, FY2024-25 (per Entrackr/Medianama):

- Operating revenue: Rs 3,783 crore (up ~65% YoY)

- Gross profit: Rs 1,277 crore (up ~41% from Rs 906 cr)

- Net loss: Rs 1,209 crore — driven largely by one-off ESOP charge and reverse-flip (redomicile) tax cost.

[source: Entrackr Fintrackr, Medianama, Oct 2025]

CONFLICT/CAVEAT: Standalone (Rs 52 cr) vs consolidated (Rs 3,783 cr) revenue differ by design post-restructuring — do not conflate. Borrowings: not obtained (company is predominantly equity-funded).

Funding History

Total raised ~$742 million across ~11 rounds from ~37 investors [source: Tracxn — figures only]. Notable rounds: Series F (Dec 2021) ~$375M at a $7.5 billion valuation (led by Lone Pine Capital, Alkeon, TCV); earlier backers include Tiger Global, Sequoia Capital India (now Peak XV), GIC, Ribbit Capital, Matrix Partners, Y Combinator. June 2026 DRHP reportedly targets a valuation at a discount to the 2021 $7.5B mark (source conflict on exact number). [sources: Entrackr, coinlaw, Tracxn]

Shareholding

Privately/investor held; not a listed company. Major institutional shareholders via prior rounds include Peak XV/Sequoia India, Tiger Global, GIC, Lone Pine, TCV, Ribbit Capital, Matrix, plus founders Harshil Mathur and Shashank Kumar and employee ESOP pool. Exact FY25 shareholding percentages not obtained from allowed sources (MCA/DRHP cap table not fetched). partial.

Loans & Charges

No open charges/secured borrowings confirmed from allowed sources; company is largely equity-funded. Charge register not obtained (MCA disallowed; Falconebiz blocked). Marked "not obtained".

Related Parties

Razorpay group entities: Razorpay Technologies Private Limited; Razorpay Payments Private Limited (CIN U62099KA2024PTC188982); Razorpay Financial Services Private Limited; Razorpay Financial Aggregator Private Limited; Razorpay Services Private Limited (CIN U72300PN2015PTC156373); Izealiant Technologies Private Limited (acquisition); Curlec (Malaysia, SE Asia payments). Parent: formerly Razorpay Inc (US) — reverse-flipped/redomiciled to India (Razorpay Software Limited as India parent), May 2025. [sources: Tracxn, IndiaFilings, Entrackr]

Credit Ratings

None found. No CRISIL / ICRA / CARE credit rating located for Razorpay Software Limited (consistent with an equity-funded company carrying little/no rated debt). Do not attribute any group-entity rating to this entity.

Legal & Compliance

Litigation involving Razorpay Software (Private/Limited) per Indian Kanoon: Razorpay Software Pvt Ltd vs Union of India (Karnataka HC, 2024, writ); Razorpay Software Pvt Ltd & Anr vs John Doe & Ors (Delhi HC, 2024, IP/anti-infringement commercial suit); Razorpay Software Pvt Ltd vs State of Karnataka (Karnataka HC, 2022, writ); Bestpay Solutions vs Razorpay Software Pvt Ltd (Karnataka HC, 2022, commercial dispute); Razorpay Software Pvt Ltd vs Deputy Director, Directorate (Delhi HC, 2023, regulatory/ED-related writ); Razorpay Software Limited vs PayU Payments Pvt Ltd (Delhi HC, 2026, commercial). [source: Indian Kanoon search]

Competitive Landscape

PayU India (large-scale), Cashfree Payments (mid-large), PhonePe Payment Gateway (large), Paytm / One97 Communications (large, listed), CCAvenue / Infibeam Avenues (mid, listed), Pine Labs (large), Stripe India (large, global). Rough scale tags in parentheses.

Frequently Asked Questions