Report · Long report

Razorpay Business Breakdown & Founding Story

Contrary Research Free Advanced India

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 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.
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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 rupee denominated revenue ladder plus the saying no story: refusing to enter buy now pay later against investor pressure... Forbes India Article · About 8 min read Razor-sharp checkout: How Razorpay grew close to eight times in four years Rajiv Singh
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