Razorpay eyes an international boost even as it moves base to India
MUMBAI : Payment gateway business Razorpay Software Pvt. Ltd is preparing to launch its products in new Southeast Asian and West Asian markets this year, aiming to garner 5-10% of its revenue from its international business in 3-5 years. “We should definitely launch in some new countries this year as we look to expand our business in Southeast Asia and Middle East," said co-founder and managing director Shashank Kumar.
The Delaware-incorporated company that’s working on changing its domicile to India entered international markets in 2022 by acquiring a majority stake in Mayalsia’s recurring payments provider Curlec. “We will go deeper on some of the international markets as well as dive into the cross-border flows," Kumar said. “We expect international business to grow up to 5-10% of our total revenue in 3-5 years." For FY22, Razorpay reported a standalone profit of ₹7.38 crore on an operational revenue of ₹1,481.2 crore, up from a profit of ₹6.19 crore and revenue of ₹841.2 crore in the year before.
The company has not yet declared its financials for FY23. Kumar said the company had achieved break-even on its payments gateway business, but newer products are yet to become profitable. Razorpay is backed by Lightspeed, Tiger Global and Peak XV Partners, among other investors, and was last valued at close to $7.5 billion in 2021.
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