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https://entrackr.com/fintrackr/razorpay-payment-gateway-biz-crosses-rs-2000-cr-revenue-in-fy24-pat-soars-5x-7370662
Submission: On November 04 via api from RU — Scanned from CA
Submission: On November 04 via api from RU — Scanned from CA
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Subscribe 0 Login Join Entrackr. * Sign in with Google Sign In with Google * Sign In with Facebook * Sign in with Email By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data. Don’t have an account? Signup * Bookmarks * My Profile * Log Out * News * EXCLUSIVE * FINTRACKR * REPORTS * SNIPPETS * OTHERS * ESOPTrackr * Policy * Meet The Authors * TELL YOUR TALE * All Stories * Fintrackr * News * Report You have successfully subscribed the newsletter. Advertisment Fintrackr All Stories RAZORPAY PAYMENT GATEWAY BIZ CROSSES RS 2,000 CR REVENUE IN FY24, PAT SOARS 5X Harsh Upadhyay 29 Oct 2024 11:41 IST Follow Us New Update Payments and business banking platform Razorpay reported a 24% year-on-year (YoY) revenue increase for its Payment Gateway (PG) business, despite facing a temporary hold on new merchant onboarding during the first nine months of the fiscal year. Significantly, the firm’s profit after tax surged nearly 5X in the same period. According to the firm’s press release, Razorpay Software Private Limited (RSPL) which houses Payment gateway biz generated Rs 2,068 crore in revenue. During this period, its total income stood at Rs 2,501 crore. During FY23, the company’s overall revenue stood at Rs 2,293 crore (including payment gateway and others). Unlike previous fiscal years, the company reported revenue from its Payment Gateway (PG) business alone in Razorpay Software Private Limited (RSPL). Razorpay resumed onboarding new merchants on December 22, 2023, following RBI’s Payment Aggregator (PA) authorization, making it one of the first platforms to secure this regulatory approval. As a result, the fintech unicorn achieved a significant 4.7X increase in profit after tax. It posted PAT of Rs 34 crore in the last fiscal year from Rs 7 crore in FY23. The company attributed the growth to a focus on product innovation, launching over 40 new solutions that enhanced service penetration among existing customers. Razorpay also claimed to reach an annualized Total Payment Volume (TPV) of $180 billion. The company’s total expenses rose modestly by 7% YoY to Rs 2,454 crore. Employee benefits, including salaries and other compensations, comprised around 25% of the expenses, amounting to Rs 611 crore. The firm is now eyeing further growth through international expansion in Southeast Asia and a sustained omnichannel strategy. Razorpay has secured over $800 million through various funding rounds and was last valued at approximately $7 billion. It competes with Cashfree, which reported revenue of Rs 614 crore in FY23, and PayU, which reached a revenue scale of $400 million (3,320 crore) in the same fiscal year (FY23). Their FY24 results are yet to be announced. Razorpay Revenue fy24 Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE Yubi revenue grows 47% to Rs 484 Cr in FY24, losses down 22% LIVE Spinny revenue jumps to Rs 3,725 Cr in FY24; cuts losses by 28% LIVE Turtlemint insurance biz’s revenue surges 3.2X to Rs 505 Cr in FY24 LIVE Wow Skin revenue declines further in FY24; losses shrink by 24% LIVE Cashfree posts Rs 643 Cr revenue and Rs 133 Cr loss in FY24 LIVE Google India posts Rs 5,518 Cr revenue in FY24; profits stands at Rs 1,424 Cr Read the Next Article Latest Stories LIVE Yubi revenue grows 47% to Rs 484 Cr in FY24, losses down 22% LIVE Spinny revenue jumps to Rs 3,725 Cr in FY24; cuts losses by 28% LIVE Turtlemint insurance biz’s revenue surges 3.2X to Rs 505 Cr in FY24 Subscribe to our Newsletter! 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