Fintech unicorn Razorpay, which is among the leading fintech companies in India, aims to make its payment volume $750 billion in P2M payments in India by 2030. According to the company, the P2M payments sector in the nation is expected to grow to $4 trillion by 2030. “We believe Razorpay could easily garner 15% to 20% of that market. We expect our payments volume could grow to $750 billion by 2030,” said Arpit Chug, chief financial officer, of Razorpay.
In December 2023, Razorpay received the final authorisation from the Reserve Bank of India (RBI) to operate as Payment Aggregators (PA) and was allowed to onboard new merchants on its platform after almost two years. “Razorpay has received the final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) under the Payment Settlements Act, 2007… We welcome this new development and are delighted to be one of the first Payment Gateways to have received the final PA license from RBI,” said Razorpay in a statement.
At its annual Razorpay FTX event held in Bengaluru, Razorpay also unveiled a number of new products, including Payment Gateway 3.0 with features like Trusted Badge, Coupon Codes, COD fraud protection, and rapid buy technology.
Road To IPO
As India’s leading fintech company, Razorpay will be well-prepared for its IPO, with an eye on huge growth in digital payments. Aggressive plans to expand its product offerings and reach $750 billion in P2M payments by 2030 mean an IPO will give more teeth to its market positioning for further innovation.
The Bengaluru-based business intends to return to India as its domicile by FY25 and is aiming for a domestic public listing there. To date, Razorpay has raised $741.5 million. The firm was valued at $7.5 billion after it raised $375 million in a funding round co-led by Lone Pine Capital, Alkeon Capital, and TCV in December 2021.
That ambitious number shows that Razorpay is confident of its growth in the rapidly developing digital payment space in India. For now, the company remains focused on technological advancements, market expansion, and strategic partnerships as it gears toward an IPO, to maintain the current growth trajectory and realise its long-term objectives.
