Razorpay was founded in 2014 by Harshil Mathur and Shashank Kumar, two IIT Roorkee graduates who saw how difficult it was for Indian businesses to accept online payments. At the time, integrating a payment gateway in India meant weeks of paperwork, poor documentation, and unreliable APIs.
Razorpay fixed that with a developer-friendly payment gateway that businesses could integrate in hours, not weeks. The product supports over 100 payment methods — UPI, credit/debit cards, net banking, wallets, EMI, and international cards. UPI, India’s real-time payment system, is the dominant payment method, and Razorpay is one of the largest UPI processors.
The company expanded beyond payments into a full business banking suite. RazorpayX provides current accounts, payroll, vendor payouts, tax payments, and corporate cards. Razorpay Capital offers working capital loans to merchants based on their transaction history.
In 2021, Razorpay raised $375 million at a $7.5 billion valuation, making it one of the most valuable startups in India. The company processes payments for over 10 million businesses, from small shops to enterprises like Facebook, Airtel, and Ola.
Razorpay also acquired several companies to build out its stack — Opfin (payroll), TERA Finlabs (lending), and Ezetap (offline payment terminals). The company is headquartered in Bangalore with offices across India.
