Razorpay’s payment gateway business clocks ₹2,068 crore in revenue for FY24

Razorpay’s payment gateway business reported a 24% revenue growth to ₹2,068 crore for the fiscal year ended March 2024, overcoming the Reserve Bank of India’s (RBI) restrictions that barred it from onboarding new merchants for nine months.

The Bengaluru-based fintech, valued at over $7 billion, reported a net profit of ₹34 crore—sharply up from ₹7 crore in FY23, according to filings with the Registrar of Companies (ROC). Its payment gateway segment, which contributes 75% of the firm’s total revenue, led this performance.