Article · About 8 min read

Razor-sharp checkout: How Razorpay grew close to eight times in four years

Rajiv Singh · Forbes India Free Intermediate India

The rupee denominated revenue ladder plus the saying no story: refusing to enter buy now pay later against investor pressure and a projected valuation lift.

  • Razorpay's operating revenue went from 193 crore rupees in FY19 to 1,481 crore in FY22.
  • It turned a small standalone profit (6 crore in FY21, 9 crore in FY22) while staying loss-making on a consolidated basis.
  • Growth was partly bought: seven acquisitions in three years, four of them in 2022 alone.
  • Its June 2019 round was 75 million dollars at roughly a 450 million dollar valuation.
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The question it answers

  1. How did Razorpay win by chasing the merchants the incumbents refused to sign?

Read with it

  1. This is the segment selection episode: the rabbits and elephants analogy, fewer than 1,000 merchants at Series A, and why 20... Prime Venture Partners Podcast Podcast · Podcast episode with full transcript Razorpay's Journey From a Small Startup to a Big Brand with Co-Founder and CEO Harshil Mathur Harshil Mathur
  2. A slide by slide walk through the actual 2014 deck, which had no founder slide and won on problem clarity, useful if you are... SeedToScale by Accel Podcast · Podcast episode Breaking Down Razorpay's Original Pitch With Harshil Mathur Harshil Mathur
  3. Where the counterintuitive north star is explained: payment success rate rather than merchant count, plus 30 to 40 minute... Inc42 Article · About 12 min read The Product Practices That Turned Razorpay Into A Payments Juggernaut Deepsekhar Choudhury
  4. The numbers spine behind the story, including exact take rates, multi product attach at 65 percent of customers, and the risk... Contrary Research Report · Long report Razorpay Business Breakdown & Founding Story Contrary Research
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