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Draft:Razorpay

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Razorpay is an Indian financial technology company, that specializes in digital payments and financial services.[1] Founded by Harshil Mathur and Shashank Kumar in the year 2014, Razorpay provides businesses with a payment gateway, subscription billing, vendor payouts, and working capital loans.[1][2]

  • Comment: Reviewer note: that Razorpay has been create protected. There is substantial history in the logs 🇺🇦 FiddleTimtrent FaddleTalk to me 🇺🇦 08:49, 3 March 2025 (UTC)
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History

Harshil Mathur and Shashank Kumar founded Razorpay in 2014 while studying at IIT Roorkee, aiming to simplify online payments for Indian businesses.[1][3] The company received early backing from one of the renowned tech start-up incubator Y Combinator.[3] Overall, the company generates revenue through transaction fees[1][4] and subscription services.[4][5]

Funding

Razorpay has raised 11 rounds of funding starting from Mar 23, 2015 which included investors such as Sequoia Capital, Tiger Global, and Ribbit Capital.[6] 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.[6]

As of 2023, Razorpay has raised $742 million in total.[2]

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Acquisitions

  • BillMe (2023): A digital invoicing startup.[7]
  • Ezetap (2022): A point-of-sale (POS) provider.[8][9]
  • Poshvine (2022): A loyalty and rewards platform.[10]
  • IZealiant Technologies (2022): A fintech firm specializing in bank payments.[11]
  • Curlec (2022): A Malaysian subscription payments startup.[10][11]
  • TERA Finlabs (2021): A lending tech startup.[11]
  • Opfin (2019): A payroll and HR automation platform.[11]
  • Thirdwatch (2019): An AI-driven fraud detection company.[2][9]

Controversies

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Raid by the Enforcement Directorate

In 2022, the Enforcement Directorate (ED) initiated an investigation into several payment gateways, including Razorpay, for allegedly processing payments related to illicit businesses.[12][13] This probe was part of a broader crackdown on unauthorized loan apps operated by entities with Chinese affiliations.[12] 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).[12]

As of February 2025, ED's investigation into Razorpay is ongoing, and has frozen around ₹500 crore (US$59 million) 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.[14]

Alt-News donor list controversy

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.[15][16] Razorpay stated it had complied with a legal order under Section 91 of the CrPC.[17][18]

2022 payment gateway hack

In 2022, hackers manipulated Razorpay’s authorization process, stealing ₹7.38 crore (US$870,000) 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.[19][20]

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Awards and recognition

References

Further reading

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