Fintech unicorn Razorpay has reported a standalone net profit of ₹7.3 crore in FY22, up 20 per cent from the ₹6.1 crore it posted in the previous fiscal, according to the company’s filings with the Ministry of Corporate Affairs.
Further, Razorpay reported an operational revenue of ₹1,481 crore last fiscal (₹841 crore). Under expenses, the company’s total expenditure increased 76 per cent to ₹1,476 crore (₹839 crore). Some of the major sources of Razorpay’s revenue include payment commission fees (earned by the company for offering digital payment services to merchants), software development and maintenance services.
The company’s employee benefit expenses in FY22 stood at ₹373 crore (₹213 crore), and it spent ₹86 crore as advertising and marketing expenses, up 200 per cent from the ₹27 crore it spent in FY21.
Established in 2014, Razorpay is a full-stack financial services company that helps Indian businesses with technology solutions to address the length and breadth of their payment and banking journey. The company said it provides technology payment solutions to over 8 million businesses. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of $741.5 million in the fintech company.
In December, Razorpay announced the platform’s readiness to support credit card transactions on Unified Payments Interface (UPI). With RuPay credit cards being enabled on UPI, Razorpay merchants can begin accepting credit card payments on UPI, with some changes to their existing setup. This development is enabled in partnership with Axis Bank.
Also, Razorpay Software was among the 32 existing payment aggregators (PAs) who have been granted ‘in-principle authorisation’ by the RBI to operate as online payment aggregators.