Razorpay revenue jumps 65% in FY25; loss widens on redomiciling costs
Razorpay is expanding its operations in Southeast Asia, with a focus on Malaysia and Singapore, as part of its plan to strengthen its cross-border fintech infrastructure and tap new business markets.
Bengaluru-based fintech major Razorpay Software Ltd. reported a 65% jump in consolidated revenue for the financial year ended March 2025, underscoring its growing strength across payments, banking, and international operations.
The company’s audited figures show revenue rising to Rs 3,783 crore from Rs 2,296 crore a year earlier, while gross profit climbed 41% to Rs 1,277 crore.
Despite the top-line growth, Razorpay posted a post-ESOP loss of Rs 1,209 crore, which it attributed to restructuring costs and tax payments tied to its redomiciling to India.
“FY’25 was a pivotal year for Razorpay,” said Harshil Mathur, CEO and co-founder. “We delivered top-line growth through strong execution, while simultaneously improving our gross margins. Beyond online payments, which is now EBITDA profitable and generating strong cash flows, we’re seeing promising traction in newer businesses that are rapidly scaling and unlocking new growth vectors for us.”
Razorpay is expanding its operations in Southeast Asia, with a focus on Malaysia and Singapore, as part of its plan to strengthen its cross-border fintech infrastructure and tap new business markets.
CFO Arpit Chug highlighted the company’s focus on balancing growth with operational discipline. “We delivered a strong 65% revenue growth in FY’25, driven by focused execution across our business lines. Importantly, we are embedding financial discipline at the product level, ensuring capital is allocated efficiently between mature, cash-generating units and high-potential growth bets,” Chug said.
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Razorpay’s strong performance comes amid mixed results across India’s payments sector.
PayU India’s payments business recorded a 12.16% year-on-year revenue growth to $498 million (over Rs 4,150 crore at Rs 83.5 per dollar), up from $444 million a year earlier.
Despite tighter margins due to heightened UPI competition, PayU’s payments arm reached breakeven in the second half of the year, improving its adjusted EBIT margin to -2% from -8% in FY24.
Paytm saw its payment services revenue grow 37% year-on-year to Rs 3,879 crore from Rs 6,128 crore, following the Reserve Bank of India’s ban on its payments bank operations and curbs on merchant onboarding.
President and Group CFO Madhur Deora noted during an earnings call that the business improved its adjusted EBIT margin to around -2%, compared with -8% in FY24, as payment processing costs declined and efficiency measures took effect.
Cashfree Payments maintained stable top-line performance, reporting operating revenue of Rs 640 crore in FY25 against Rs 643 crore in FY24, according to filings with the Registrar of Companies.
Payment gateway commissions made up 75% of its operating revenue, or Rs 481 crore. However, the company’s net loss widened 14% to Rs 154 crore from Rs 135 crore in the previous year.
Pine Labs reported a 25.5% rise in total income to Rs 1,735.1 crore in FY25, up from Rs 1,382.6 crore a year earlier, according to its consolidated financial statements.
The company also turned profitable for the first time, posting a net profit of Rs 44.97 crore compared with a loss of Rs 182.31 crore in the previous fiscal year.
(The story was updated with details.)
Edited by Jyoti Narayan