Razorpay Software, the payment gateway business of Indian payments company Razorpay, recorded revenue of Rs 2,068 crore in the financial year ending March 2024, representing a 24% increase over the prior year. Total income for the period crossed Rs 2,500 crore, the company said.
The RBI had temporarily barred Razorpay from onboarding new merchants while the company awaited final approval of its payment aggregator licence. That approval arrived in December 2023, in the second half of FY2024, clearing the path for the company to resume merchant acquisition and contributing to the full-year performance.
PAYMENT AGGREGATOR LICENCE
The payment aggregator licence framework, introduced by the RBI to bring greater oversight to companies that collect and settle funds on behalf of merchants, required existing players to seek formal authorisation under updated guidelines. Razorpay was among several prominent fintechs asked to hold off on new merchant sign-ups while their applications were processed. The restriction was lifted in H2 FY2024.
REDOMICILING AND PROFIT
Separately, Razorpay has said it plans to shift its domicile back to India. The company was originally incorporated in the United States, a structure common among Indian startups that raised early-stage capital from foreign venture investors.
No timeline for a potential initial public offering has been publicly confirmed, while the payment gateway business reported a profit after tax of Rs 34 crore for FY2024, up from Rs 7 crore a year earlier.