Razorpay Software Pvt Ltd’s standalone revenue grew to Rs 1,485.6 crore in FY22, from Rs 844.6 crore in the previous fiscal year.
Revenue through payment gateway and software maintenance services remained the key income generators.
Revenue from operations for FY22 stood at Rs 1,481.1 crore.
Both revenue and expenses grew equally.
Expenses for the payment services company rose 76% to Rs 1,476.5 crore in FY22, compared to Rs 838.9 crore in the previous fiscal year.
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Employee expenses climbed to Rs 372.5 crore from Rs 212.9 crore in FY21.Razorpay’s parent company, Razorpay Inc, is incorporated in the United States.
“The company was able to clearly crystalise its focus on the core line of operations and continued its growth and made a substantial improvement in its operation and financial performance and is confident of achieving better results in coming years,” Razorpay said.
Razorpay’s financial performance comes at a time when it has not been permitted to onboard new merchants, as the Reserve Bank of India (RBI) has asked it and rival Cashfree to undergo fresh audits. The ban on new consumers is expected to impact its bottomline in FY23.
The company was one of the first fintech firms to receive an in-principle nod for its payment aggregator licence in July last year.
Razorpay cofounder and chief executive Harshil Mathur told ET recently that the company had enough cash reserves to go in for a public listing.
“Our payments business is almost breaking even. We are fairly ready if we were to just go public as a payments company. But we will be doing injustice to the vision that we have if we go public just as a payments company,” Mathur said.
It would like to go public when its other businesses, including neo-banking through Razorpay X and lending business, Razorpay Capital, break even.
“There are a lot of aspects on credit, banking and now offline that we will get to connect, and the synergies of the platform will be far higher. We want to spend the next couple of years taking them to a point where they are also breaking even and then go public,” he added.
Razorpay Capital and Razorpay X already contribute 25% to its overall revenue. The share of revenue for these products is expected to grow to 40% in the next 12 months, the company said recently.
Valued at $7.5 billion, Razorpay surpassed its annual gross transaction value (GTV) target of $90 billion in 2022.
