Razorpay reports ₹2,068 crore revenue for FY24 despite merchant onboarding ban

Razorpay reported ₹2,068 crore in revenue for FY24, a 24% increase despite a nine-month ban on onboarding new merchants imposed by the Reserve Bank of India. The company’s net profit rose to ₹34 crore, up from ₹7 crore in FY23. The ban was lifted in December 2023, allowing Razorpay to onboard 150,000 new merchants from a backlog of 500,000. The company’s total payments volume reached $180 billion in FY24, reflecting its successful recovery and growth strategy. Razorpay has focused on acquisitions to enhance its services, including the purchase of BillMe in September 2023. The firm plans to relocate its domicile back to India by FY25 and has raised $741.5 million from various investors since its founding in 2014.