What does Razorpay do?

Razorpay is a Bengaluru-based fintech company founded in 2013 by Harshil Mathur and Shashank Kumar. It provides a full-stack financial services platform for businesses including payment gateway services, business banking (RazorpayX), working capital loans (RazorpayCapital), payroll management (Opfin), and international payment solutions. Over 8 million businesses use Razorpay's platform in India.

What is the valuation of Razorpay?

Razorpay was valued at approximately $7.5 billion (around ₹62,000 Cr) in its Series F funding round in December 2021, when it raised $375 million. This makes it one of India's most valuable fintech unicorns. Subsequent valuation data reflects the broader global tech valuation correction post-2021.

Who are the founders and promoters of Razorpay?

Razorpay was co-founded by Harshil Mathur (CEO) and Shashank Kumar (formerly CTO) in 2013. Both are IIT Roorkee alumni who started the company after participating in Y Combinator's accelerator program. Harshil Mathur continues to lead the company as CEO.

Who are Razorpay's investors?

Razorpay's key investors include Sequoia Capital (Surge), Tiger Global Management, GIC (Singapore's sovereign wealth fund), Ribbit Capital, Matrix Partners India, Salesforce Ventures, and Y Combinator. The company has raised over $740 million in total funding across multiple rounds.

Is Razorpay planning an IPO?

Razorpay has indicated plans for an IPO, but as of early 2025, no definitive timeline had been announced. The company had discussed a potential US listing but also evaluated Indian market options. A planned reverse merger/restructuring to bring the holding company back to India was reportedly underway to facilitate a future domestic IPO.

What products does Razorpay offer beyond payments?

Beyond its core payment gateway, Razorpay offers: RazorpayX (business banking and current accounts), RazorpayCapital (working capital and business loans), Opfin (payroll and HR management), Curlec (international payments for Malaysia and Southeast Asia), and Route (payment routing for platforms). This diversification positions it as a full-stack business finance platform.

How do I buy Razorpay unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Razorpay?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Razorpay shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Razorpay Unlisted Share Price | Buy Razorpay Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Razorpay Unlisted Share Price | Buy Razorpay Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Razorpay is India's leading full-stack fintech platform and a $7.5 billion valued unicorn, serving over 8 million businesses with payment, banking, lending, and payroll solutions. Founded in 2013 by Harshil Mathur and Shashank Kumar and backed by global investors including Sequoia, Tiger Global, and GIC, Razorpay has built one of India's most comprehensive B2B financial infrastructure stacks. A planned domicile reversal to India and potential future IPO make it one of the most closely watched pre-IPO investment opportunities in the Indian fintech space, though profitability and regulatory compliance remain key watchpoints.

Pros

Razorpay is one of India's leading fintech unicorns, valued at approximately $7.5 billion (around ₹62,000 Cr) as of its last funding round in December 2021, making it one of the most valuable unlisted tech companies in India
Processes billions of dollars in payments annually for over 8 million businesses in India, demonstrating massive scale and deep market penetration
Diversified product suite beyond payments — including Razorpay X (neobanking), RazorpayCapital (lending), and Curlec (international) — reduces dependence on transaction fees alone
Backed by marquee global investors including Sequoia Capital, GIC, Tiger Global, Y Combinator, and Ribbit Capital, providing strong financial backing and credibility

Cons

The ₹0.1 share price listed here likely refers to the face value or a nominal unlisted market quote — actual economic value is far higher based on unicorn valuation, but lack of price transparency is an investor challenge
Highly competitive payments market with PhonePe, Paytm Payment Gateway, CCAvenue, PayU, and global entrants like Stripe India competing aggressively
Regulatory scrutiny from RBI on payment aggregators, data localization requirements, and licensing norms add compliance burden
Reported losses in recent financial years as the company invests heavily in expanding its product suite, international markets, and technology infrastructure

Business Segments

Payment Gateway

Core payment processing platform for online businesses accepting cards, UPI, net banking, wallets and EMI — serving 8 million+ merchants

RazorpayX (Neobanking)

Business banking platform offering current accounts, automated payouts, vendor payments, and treasury management for enterprises

RazorpayCapital (Lending)

Working capital loans and business credit products for merchants on the platform, leveraging transaction data for underwriting

Payroll & HR (Opfin)

Automated payroll processing, compliance management, and HR tools for SMEs and enterprises

International (Curlec)

Payment solutions for Southeast Asian markets (primarily Malaysia), enabling cross-border business expansion

Revenue Model

Razorpay earns revenue primarily through transaction fees on payment processing (percentage of GMV), subscription/SaaS fees for RazorpayX business banking, net interest income from lending products, and fees from ancillary services like payroll. As a payment aggregator, revenue scales with GMV processed across its merchant base.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds11

Growth Plans

India's UPI and digital payments volume growing at 40–50% annually, directly expanding Razorpay's GMV opportunity

Potential IPO filing after domicile reversal to India, which could provide a liquidity event for existing investors and market validation

RazorpayCapital lending and RazorpayX neobanking products expanding revenue beyond low-margin transaction fees

Southeast Asia expansion through Curlec offering a new international growth vector

Recent Developments

Series F Funding — $375 million at $7.5 billion valuation

Raised $375 million in Series F from GIC, Tiger Global, Sequoia Capital and others, reaching a $7.5 billion valuation and cementing its position as India's most valuable payments unicorn.

2021-12

Curlec Acquisition — Malaysia Expansion

Acquired Curlec, a Malaysian fintech company, to expand payment services into Southeast Asia and diversify beyond India.

2022-01

Domicile Reversal to India

Razorpay announced plans to reverse-flip its corporate domicile from the US back to India, a move aimed at positioning for a future Indian IPO and aligning with domestic regulatory requirements.

2023-01

Comparable Companies

CompanyTypeTickerMkt Cap

Paytm (One97 Communications)ListedPAYTM~25,000 Cr

FSS (Financial Software and Systems) — unlistedUnlisted——

Pine Labs — unlistedUnlisted—~$5 billion (est.)

BillDesk (acquired by PayU)Unlisted——

Frequently Asked Questions

About Razorpay

Razorpay Software Limited is India's leading full-stack payments and business banking platform, incorporated on 24 May 2013 in Bengaluru, Karnataka. Founded by Harshil Mathur and Shashank Kumar — two IIT Roorkee alumni who met at Y Combinator in 2014 — Razorpay has built a comprehensive financial infrastructure that powers payments, banking, lending, and payroll for over 450,000 businesses across India. Razorpay reported revenue of Rs. 3,930 crore for FY2025, reflecting a 60% CAGR, making it one of the fastest-growing fintech companies in India. The company was valued at $9.2 billion as of June 2025, making it one of India's most valuable private fintech companies. Total funding raised stands at $829.2 million from marquee investors including Y Combinator, Tiger Global, Sequoia Capital, and others. Razorpay's platform offers a suite of products: Razorpay Payment Gateway (the core payment processing engine), RazorpayX (business banking), Razorpay Capital (lending for SMBs), and Payroll by Razorpay. The company processes billions of dollars in transactions annually and is the preferred payment partner for startups, SMEs, and large enterprises including Airbnb, Facebook, Swiggy, BookMyShow, and thousands of D2C brands. The authorized capital is Rs. 1,500 crore with paid-up capital of Rs. 858.12 crore, reflecting significant equity investment. Razorpay faced a temporary setback when the RBI imposed restrictions on onboarding new merchants in 2022, but the company navigated this through product diversification and resumed full operations. The company's IPO is anticipated as one of the most significant Indian fintech listings.

Key Milestones

Founded in 2013 in Bengaluru by IIT Roorkee alumni Harshil Mathur and Shashank Kumar

Common questions about unlisted shares

How do I buy Razorpay unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?
Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

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