Razorpay says payment gateway business grew 24% in revenue in FY24

Fintech firm Razorpay has said revenue from its payment gateway business grew 24 per cent year-on-year (Y-o-Y) in the first nine months of FY24, overcoming restrictions on on-boarding new merchants.

Gateway services revenue was Rs 2,068 crore in FY24, compared to Rs 1,665 crore in FY23. Razorpay resumed on-boarding new merchants on December 22 last year, becoming one of the first payment gateways to get permission from the Reserve Bank of India.