As digital payments have become a preferred mode of transactions, payment gateway Razorpay its share benefit from the growth. To be precise, the Bengaluru-based payment solutions company has managed to double its revenue and operating revenues in the financial year 2019, ending in March.
According to the Ministry of Corporate Affairs (MCA) filings accessed by Inc42, Razorpay has recorded a 30% or 2.4x growth in its operating revenues from INR 90 Cr in FY18 to 193 Cr in FY19. In terms of the revenue generated INR 197 Cr in FY19, compared to INR 92 Cr in FY18.
In addition to this, the company’s losses have reduced by 74.5% from INR 12.8 Cr in FY18 to INR 3.26 Cr in FY19. In addition, the company has also increased its expenditure on advertising and promotion from INR 45 Lakh to INR 3.7 Cr.
The MCA filing also noted that the company has doubled its expenditure on employee benefits from INR 23 Cr in FY18 to INR 51.22 Cr in FY19.
Founded in 2014 by Shashank Kumar and Harshil Mathur in 2014, Razorpay is a payments platform, which claims to have over 350K clients (businesses), who are using its service. Some of its clients include IRCTC, Airtel, BookMyShow, Zomato, Swiggy, Yatra and Zerodha, among others. Earlier in 2018, Razorpay launched Razorpay Capital, marking its entry into the lending space. The lending platform offers both short-term working capital loans and long-term business loans.
This year, the company raised close to $75 Mn in Series C funding in a round led by Ribbit Capital and Sequoia India. Till now, the Razorpay has raised over $106.5 Mn across series from investors such as Tiger Global, Matrix Partners, YCombinator, MasterCard, Sequoia India and Ribbit Capital. It also has over 33 angel investors, which include founders of Snapdeal, InMobi and Freecharge, Visa’s Global Head of Strategy, Flipkart ex-CPO Punit Soni have also invested in the company.
This year, the company has also acquired two startups. First was the Delhi NCR-based artificial intelligence (AI) company Thirdwatch, a platform that prevents real-time fraud in ecommerce companies, and the second was the cloud-based payroll management solution provider Opfin through which Razorpay planned to improve the payroll and compliance process.