Draft:Razorpay

Harshil Mathur and Shashank Kumar founded Razorpay in 2014 while studying at IIT Roorkee, aiming to simplify online payments for Indian businesses.{{Cite web |title=Razorpay: India's only full-stack financial solutions company for businesses. |url=https://www.ycombinator.com/companies/razorpay |access-date=2025-02-23 |website=Y Combinator |language=en}} The company received early backing from one of the renowned tech start-up incubator Y Combinator. Overall, the company generates revenue through transaction fees{{Cite web |date=2024-04-03 |title=Razorpay's simple fundamental: Here's what makes the fintech major a force to reckon with |url=https://www.businesstoday.in/magazine/deep-dive/story/razorpays-simple-fundamental-heres-what-makes-the-fintech-major-a-force-to-reckon-with-424147-2024-04-03 |access-date=2025-02-28 |website=Business Today |language=en}} and subscription services.{{Cite web |last=BPCTeam |date=2024-09-24 |title=Razorpay Business Model: How Does Razorpay Earn Profit? |url=https://www.businessparkcenter.com/razorpay-business-model/ |access-date=2025-02-28 |website=Business Park Center |language=en-US}}

Razorpay has raised 11 rounds of funding starting from Mar 23, 2015 which included investors such as Sequoia Capital, Tiger Global, and Ribbit Capital.{{Cite news |title=Razorpay |url=https://tracxn.com/d/companies/razorpay/__ARWa67NVJPe3TC11rYSBnp-0zVHbDAze4xZvzRsZzAI |archive-url=https://web.archive.org/web/20230306121533/https://tracxn.com/d/companies/razorpay/__ARWa67NVJPe3TC11rYSBnp-0zVHbDAze4xZvzRsZzAI |archive-date=2023-03-06 |access-date=2025-02-23 |language=en |url-status=live }} The company became unicorn in October 2020 after raising $100 million in a Series D funding round. Its most recent funding was a Series F round on Dec 19, 2021 for $375M. 7 investors took part in its most recent round, with Lone Pine Capital, Alkeon Capital Management, TCV at the helm.

As of 2023, Razorpay has raised $742 million in total.

• BillMe (2023): A digital invoicing startup.{{Cite web |title=Tiger Global-backed Razorpay marks 8th acquisition with BillMe |url=https://www.vccircle.com/tigerglobal-backed-razorpay-marks-eighth-acquisition-with-billme |access-date=2025-02-28 |website=VCCircle |language=en-US}}
• Ezetap (2022): A point-of-sale (POS) provider.{{Cite web |last= |first= |title=Razorpay's POS business clocks 60% growth after Ezetap acquisition |url=https://www.business-standard.com/companies/start-ups/razorpay-s-pos-business-clocks-60-growth-after-ezetap-acquisition-123120601080_1.html |archive-url=https://web.archive.org/web/20241001201343/https://www.business-standard.com/companies/start-ups/razorpay-s-pos-business-clocks-60-growth-after-ezetap-acquisition-123120601080_1.html |archive-date=2024-10-01 |access-date=2025-02-28 |website=www.business-standard.com |language=en-US |url-status=live }}{{Cite web |last= |first= |title=Razorpay eyes $750 billion P2M payments by 2030, says CFO Arpit Chug |url=https://www.business-standard.com/companies/start-ups/razorpay-eyes-to-process-750-bn-p2m-payments-by-2030-cfo-arpit-chug-124072800500_1.html |archive-url=https://web.archive.org/web/20240927130738/https://www.business-standard.com/companies/start-ups/razorpay-eyes-to-process-750-bn-p2m-payments-by-2030-cfo-arpit-chug-124072800500_1.html |archive-date=2024-09-27 |access-date=2025-02-28 |website=www.business-standard.com |language=en-US |url-status=live }}
• Poshvine (2022): A loyalty and rewards platform.{{Cite web |date=2025-01-10 |title=List of 7 Acquisitions by Razorpay (Jan 2025) - Tracxn |url=https://tracxn.com/d/acquisitions/acquisitions-by-razorpay/__ARWa67NVJPe3TC11rYSBnp-0zVHbDAze4xZvzRsZzAI#list-of-acquisitions |access-date=2025-02-28 |website=tracxn.com |language=en}}
• IZealiant Technologies (2022): A fintech firm specializing in bank payments.{{Cite web |date=2022-04-12 |title=List of Startups Acquired By Razorpay - 2022 |url=https://startuptalky.com/razorpay-acquired-startups/ |access-date=2025-02-28 |website=StartupTalky |language=en}}
• Curlec (2022): A Malaysian subscription payments startup.
• TERA Finlabs (2021): A lending tech startup.
• Opfin (2019): A payroll and HR automation platform.
• Thirdwatch (2019): An AI-driven fraud detection company.

In 2022, the Enforcement Directorate (ED) initiated an investigation into several payment gateways, including Razorpay, for allegedly processing payments related to illicit businesses.{{Cite news |date=2022-09-03 |title=India agency searches payment firms in Chinese lending probe |url=https://www.reuters.com/world/india/india-financial-crime-agency-searches-razorpay-paytm-cashfree-2022-09-03/ |access-date=2025-02-28 |work=Reuters |language=en}}{{Cite news |date=2025-01-24 |title=Payment gateways under ED probe in crypto scam? Paytm, Razorpay reject reports – 'Factually inaccurate' {{!}} Company Business News |url=https://www.livemint.com/companies/paytm-razorpay-under-ed-scanner-for-links-to-chinese-cryptocurrency-scam-worth-rs-2-200-crore-11737688960492.html |archive-url=https://web.archive.org/web/20250209131757/https://www.livemint.com/companies/paytm-razorpay-under-ed-scanner-for-links-to-chinese-cryptocurrency-scam-worth-rs-2-200-crore-11737688960492.html |archive-date=2025-02-09 |access-date=2025-02-28 |work=mint |language=en |url-status=live }} This probe was part of a broader crackdown on unauthorized loan apps operated by entities with Chinese affiliations. The ED conducted searches at multiple premises associated with these payment processors, aiming to uncover potential violations of the Prevention of Money Laundering Act (PMLA).

As of February 2025, ED's investigation into Razorpay is ongoing, and has frozen around {{INRConvert|500|c}} in their virtual accounts over the past two years. According to The Financial Express, this is linked to a major cryptocurrency scam involving 10 Chinese nationals behind the HPZ Token scheme, which includes cross-border fraudulent cryptocurrency transactions.{{Cite web |date=2025-02-05 |title=Several payment gateways under ED probe in cryptocurrency scam: Report |url=https://www.financialexpress.com/market/cryptocurrency/payment-gateways-razorpay-payu-easebuzz-paytm-under-ed-probe-in-cryptocurrency-scam-report/3724550/ |access-date=2025-03-03 |website=Financialexpress |language=en}}

In July 2022, The Wire reported that Alt News, a fact-checking website using Razorpay's payment gateway, claimed its account was blocked due to a law enforcement request. Razorpay later restored access, citing “clarity” on the matter duly received. Same month, Alt News alleged that Razorpay had shared donor data with police, sparking outrage among donors concerned about privacy violations.{{Cite web |date=2022-07-06 |title=Payment gateway Razorpay shared donor data with cops: AltNews |url=https://indianexpress.com/article/cities/delhi/altnews-donor-data-razorpay-cops-8011152/ |access-date=2025-03-03 |website=The Indian Express |language=en}}{{Cite web |last= |first= |date=2022-07-06 |title=Razorpay faces backlash for sharing Alt News donor data with police |url=https://www.thehindubusinessline.com/info-tech/social-media/razorpay-faces-backlash-for-sharing-alt-news-donor-data-with-police/article65606358.ece |access-date=2025-03-03 |website=BusinessLine |language=en}} Razorpay stated it had complied with a legal order under Section 91 of the CrPC.{{Cite web |last=Lakshmanan |first=Srikanth |title=The Razorpay-Alt News Controversy Opens Up a Can of Worms That Should Be Addressed |url=https://thewire.in/tech/razorpay-alt-news-controversy-digital-payments-privacy |access-date=2025-03-03 |website=The Wire |language=en}}{{Cite news |last=Livemint |date=2022-07-06 |title=Zubair arrest row: Razorpay responds to Alt News charge |url=https://www.livemint.com/news/india/razorpay-issues-clarification-amid-altnews-foreign-donation-controversy-11657065521305.html |archive-url=https://web.archive.org/web/20220707121848/https://www.livemint.com/news/india/razorpay-issues-clarification-amid-altnews-foreign-donation-controversy-11657065521305.html |archive-date=2022-07-07 |access-date=2025-03-03 |work=mint |language=en |url-status=live }}

In 2022, hackers manipulated Razorpay’s authorization process, stealing {{INRConvert|7.38|c}} crore through 831 failed transactions. Razorpay’s authentication partner, Fiserv confirmed they weren’t authorized, and an internal probe linked them to 16 merchants between March 6 and May 13.{{Cite news |date=2022-05-20 |title=Hackers, fraudsters steal ₹7.38 crore from payment gateway firm Razorpay |url=https://www.hindustantimes.com/india-news/hackers-fraudsters-steal-rs-7-38-crore-from-payment-gateway-firm-razorpay-101653052101688.html |archive-url=https://web.archive.org/web/20230812233444/https://www.hindustantimes.com/india-news/hackers-fraudsters-steal-rs-7-38-crore-from-payment-gateway-firm-razorpay-101653052101688.html |archive-date=2023-08-12 |access-date=2025-03-03 |work=Hindustan Times |language=en-us |url-status=live }}{{Cite news |last= |first= |date=2022-05-19 |title=Hacker steals ₹7.3 crore from payment gateway company Razorpay in Bengaluru |url=https://www.thehindu.com/news/national/hacker-steals-73-crore-from-payment-gateway-company-razorpay-in-bengaluru/article65426835.ece |access-date=2025-03-03 |work=The Hindu |language=en-IN |issn=0971-751X}}

• Forbes Cloud 100 List (2024).{{Cite web |last=KONRAD" |first="KENRICK CAI"," ALEX |title=Forbes Cloud 100 2024 List - Best Cloud Computing Companies Ranked |url=https://www.forbes.com/lists/cloud100/ |access-date=2025-02-28 |website=Forbes |language=en}}{{Cite news |date=2024-08-14 |title=Razorpay featured on 'Forbes Cloud 100 2024,' one of few Indian companies on the list |url=https://www.hindustantimes.com/business/razorpay-featured-on-forbes-cloud-100-2024-only-indian-company-on-list-101723642471576.html |archive-url=https://web.archive.org/web/20240917215347/https://www.hindustantimes.com/business/razorpay-featured-on-forbes-cloud-100-2024-only-indian-company-on-list-101723642471576.html |archive-date=2024-09-17 |access-date=2025-03-03 |work=Hindustan Times |language=en-us |url-status=live }}

{{reflist}}

• {{Cite journal |last1=Anirudhan |first1=Anil |last2=Dutta |first2=Sanjib |date=2021 |title=India's Payments Solution Company 'Razorpay' - From a Fintech Startup to a Unicorn |url=https://www.thecasecentre.org/products/view?id=175012 |journal=IBS Center for Management Research |via=The Case Centre}}
• {{Cite news |last=Sodhi |first=Tanishka |date=7 July 2022 |title=Was Razorpay legally bound to share Alt News's data? Yes and no |url=https://www.newslaundry.com/2022/07/07/was-razorpay-legally-bound-to-share-alt-newss-data-yes-and-no |access-date=3 March 2025 |work=Newslaundry}}
• {{Cite book |last1=Hari |first1=T.N. |title=Winning Middle India: The Story of India's New-age Entrepreneurs |last2=Srinivasa |first2=Bala |date=7 November 2022 |publisher=Penguin Random House India |year=2022 |isbn=9789354927621 |language=en |chapter=Helping More Than 5 Million Small Businesses Accept and Make Payments: COVID-19 and the Silver Lining |chapter-url=https://books.google.com/books?id=rNOaEAAAQBAJ&dq=Razorpay&pg=PT100}}
• {{Cite journal |last1=Ganjoo |first1=Divya |last2=Mukherjee |first2=Saral |last3=Mukhopadhyay |first3=Sandip |date=20 September 2023 |title=Razorpay: Providing Payment Convenience to Disruptors |url=https://www.emerald.com/insight/content/doi/10.1108/case.iima.2023.000009/full/html |journal=Cases Studies, Indian Institute of Management Ahmedabad |pages=1–19 |publisher=Indian Institute of Management Ahmedabad |doi=10.1108/case.iima.2023.000009 |via=Emerald Insight}}
• {{Cite book |last1=K. |first1=Anitha |last2=J.S. |first2=Vishal |last3=B |first3=Prabakar |last4=R |first4=Vaseekaran |chapter=Enhancing Payment Security: Face Recognition Integration with Razorpay |date=16 March 2024 |pages=1–6 |title=2024 2nd International Conference on Artificial Intelligence and Machine Learning Applications Theme: Healthcare and Internet of Things (AIMLA) |chapter-url=https://ieeexplore.ieee.org/document/10531459 |publisher=IEEE |doi=10.1109/AIMLA59606.2024.10531459 |isbn=979-8-3503-4922-1 |via=IEEE Explore}}
• {{Cite book |last=Pamnani |first=Harsh |url=https://www.penguin.co.in/book/from-unknown-to-unforgettable/ |title=From Unknown to Unforgettable: Strategies and Stories to Transform Your Start-Up Into a Trustworthy Brand |date=21 October 2024 |publisher=Penguin Random House India |year=2024 |isbn=9789367905456 |location=New Delhi |chapter=Case Studies: How Razorpay Became One of India's Leading B2B Fintech Companies |chapter-url=https://books.google.com/books?id=yzgxEQAAQBAJ&dq=Razorpay&pg=PT153}}
• {{Cite book |last1=Charkraborti |first1=Jayanta |url=http://routledge.com/FinTech-50-The-Journey-from-Cryptocurrency-to-Neobanking/Chakraborti-Aggarwal-Kumar/p/book/9781032699400 |title=FinTech 5.0: The Journey from Cryptocurrency to Neobanking |last2=Aggarwal |first2=Shalini |last3=Kumar |first3=Pardeep |publisher=Taylor & Francis |year=2025 |location=New York |language=en |chapter=Case Study - Razorpay Payment Gateway 3.0 |isbn=978-1-040-33454-6 |chapter-url=https://books.google.com/books?id=GvBGEQAAQBAJ&dq=Razorpay&pg=PT104}}

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{{Digital payment providers}}

{{FinTech in India}}

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