Fintech unicorn Razorpay FY22 revenue surges 75% in second successive profitable year
- ByStartupStory | March 1, 2023
Fintech unicorn Razorpay, which had a profitable business in FY21 on a standalone basis, noted a profit of Rs 7.3 crore in FY 2022, up by 18%. The total revenue for FY22 jumped to Rs 1,485.7 crore from Rs 844.6 crore which is a straight 75% jump.
Razorpay’s main source of revenue comes from fees paid by merchants, followed by software development and maintenance services and marketing services.
The fintech’s total expenses stood at Rs 1,476.4 crore, up by 76% from Rs 838.94 crore in FY21.
Of the total expenses, the company spent Rs 31 crore on advertising promotion while Rs 54 crore went towards marketing expenses in FY22. It had spent a total of Rs 26 crore on the same, the previous fiscal.
The Bengaluru-based firm who is focussed on scaling, witnessed 7 buyouts in which 4 deals took place in 2022 alone. This includes Malaysian-based recurring payments firm; Curlec, Pune-based banking technology company; Izealiant, POS payments solution provider; Ezetap, and loyalty and rewards management company; PoshVine.
The founders of newly introduced lending and neo-banking businesses- Razorpay Capital and Razorpay X – which makes up for under 10% of revenue , says the company is incurring losses.
Backed by Tiger Global, Sequoia Capital India, GIC, Lone Pine Capital, Alkeon Capital, and TCV, Razorpay was valued at around $7.5 billion in its last funding round in December 2021.
In the most recent development, the RBI had granted an in-principle approval to 32 entities, including Razorpay, for payment aggregator licence. However, it had barred fintech from onboarding new merchants, the implication of which may reflect in its FY23 results. Alongside, the company continues to strengthen its banking platform, Razorpay X, by adding digital lending solutions for NBFCs and fintechs, and forex services for startups.
Follow Startup Story
Related Posts
