Contrary Research

The numbers spine behind the story, including exact take rates, multi product attach at 65 percent of customers, and the risk that new customer share of revenue kept shrinking.

Razorpay Business Breakdown & Founding Story

From Contrary Research Long report

• Razorpay started in December 2014 with a team of 11 and had about 3,000 employees by February 2024.
• FY22 operating revenue was 178.1 million dollars, up 76 percent on FY21.
• Total payment volume reached 100 billion dollars in FY23, growing 65 percent year on year.
• 65 percent of its customers use three or more Razorpay products, which is the expansion engine.

The outside view of the same years, useful for sanity checking how long the search for product market fit really took before the first customers arrived.

Chargebee Business Breakdown & Founding Story

From Contrary Research Long report