Payment gateway major Razorpay has reported 24 per cent increase in revenue growth at ₹2,068 crore in FY24.

The company reported total income of ₹2,501 crore for 2023-24, with PG contributing to ₹2068 crore and its net profit surged nearly fivefold to ₹34 crore from ₹7 crore during this period.

Razorpay’s annualised total payments volume reached $180 billion. Razorpay attributes its revenue growth to the company’s effort towards driving deeper penetration with its existing businesses through new product offerings.

The company was asked by the banking regulator to stop onboarding new customers, until the final approval for the payment aggregator licence, which came during the second half of FY24.

Revenue from ‘other services’ such as value-added services and software products slipped 34per cent to ₹407 crore from ₹614 crore a year ago

“The company launched over 40 products for existing businesses during the onboarding on hold and witnessed wide adoption and scale across sectors,” said the company in its statement.

This comes at a time when the company is also shifting its registered office back to India, ahead of a potential IPO.

The company’s total expenses rose only by 7per cent y-o-y to ₹2,454 crore in FY24. Employee benefit expenses, which comprise salaries and other employee payouts, contributed around 25per cent of the total expenses at ₹611 crore in FY24.

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay has raised over $740 million in funding and is backed by marquee investors Y Combinator, GIC, Sequoia Capital India, Ribbit Capital, Matrix Partners, MasterCard.

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