(Bloomberg) -- Payment gateway Razorpay Software Pvt. grew both its annual income and revenues as new products helped offset Indian central bank’s curbs on adding merchants for much of the year.
The Tiger Global-backed Indian fintech unicorn’s net income jumped 360% to 340 million rupees ($4 million) for the fiscal year ended March 31 compared with the previous year, according to a press release on Tuesday. Revenues grew 9% to 25 billion rupees, driven by its mainstay payment gateway operations.
The firm said it was able to earn higher revenues from existing clients through the new offerings.
“The company launched over 40 products for existing businesses during the onboarding on hold and witnessed wide adoption and scale across sectors,” according to the statement.
Revenue from payment gateway operations increased 24% to 20.7 billion rupees even as the company was unable to onboard new merchants for the first nine months of the fisal year. A payment gateway makes money by charging a fee on transactions processed through its platform.
The annualized total payment volume processed stood at $150 billion during the year compared with $90 billion the fiscal year prior, according to a company spokesperson.
The firm resumed onboarding new merchants in December, after getting the payment aggregator license from the Reserve Bank of India.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay built its business on the rapid shift towards digitization in India.
The Bengaluru-based firm was last valued at $7.5 billion in a 2021 funding round led by Lone Pine Capital, Alkeon Capital and TCV.
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