Carta vs Razorpay: Revenue, Profit and Business Model
Carta had $442M (unaudited) of annual revenue in FY2024. Razorpay had ~$438.8M of annual revenue in FY2025 and a net loss of ~$140.2M.
Latest financial snapshot
Financial summary
Carta
Carta does not publish audited financials. Henry Ward has said the company was approaching $500 million in annual recurring revenue in 2025. Sacra estimates revenue of about $373 million in 2023, $442 million in 2024 (+19%), and $515 million in 2025 (+16.5%), with growth slowing after the end of zero-rate venture funding. Carta raised its last primary round, a $500 million Series G led by Silver Lake and Lightspeed, at a $7.4 billion valuation in August 2021; a January 2022 employee secondary sale reportedly priced it at $8.5 billion. Total equity funding is roughly $1 billion.
Razorpay
Razorpay's FY25 consolidated revenue from operations was ~$439 million (₹3,783 crore), up 65% from ~$266 million (₹2,296 crore) in FY24. Gross profit rose 41% to ~$148 million (₹1,277 crore). The company reported a ~$140 million (₹1,209 crore) net loss, which it attributed to ESOP expenses and one-time costs of redomiciling to India (press reports put the reverse-flip tax at about $144 million (₹1,245 crore)). It has raised roughly $741 million from investors including GIC, Peak XV Partners, Z47 (formerly Matrix Partners India) and Tiger Global; its last priced round valued it at $7.5 billion in 2021, while June 2026 reports put its IPO valuation target at $5-6 billion.
Revenue and profit by year
Carta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 run-rate | $515M | — | — | — | Source |
| FY2024 (unaudited) | $442M | — | — | — | Source |
| FY2023 (unaudited) | $373M | — | — | — | Source |
Razorpay
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$438.8M | ~-$140.2M | -32.0% | +64.8% | Source |
| FY2024 | ~$266.3M | — | — | +0.7% | Source |
| FY2023 | ~$264.4M | — | — | — | Source |
Where the revenue comes from
Carta
- Cap table and 409A valuation subscriptions
~67% (2023, Sacra estimate)
Annual subscriptions priced by company stage and stakeholder count, plus 409A valuation packages.
- Fund administration and Fund ERP
~27% (2023, Sacra estimate)
Fees tied to fund size and complexity for accounting, tax, reporting, and related software.
- Private equity, private credit, and legal services
~5% (2023, Sacra estimate; growing)
Newer PE and private credit products, plus Carta Law from 2026.
Razorpay
- Payment gateway fees
Not formally reported
A merchant discount rate on each successful payment; published pricing is 2% for most domestic cards, net banking and wallets. This is most of revenue.
- RazorpayX
Not formally reported
Business banking, payouts and payroll subscriptions.
- Razorpay POS
Not formally reported
Terminal rentals and in-store acquiring fees.
- Razorpay Capital
Not formally reported
Credit offered through lending partners. FY25 revenue was ~$439 million (₹3,783 crore) and gross profit ~$148 million (₹1,277 crore).
Business model and strategy
Carta
How it makes money
Carta sells annual software subscriptions plus service fees on both sides of the private market. Companies pay for cap table management, equity plan administration, and 409A valuations, with prices rising as stakeholder counts and funding stages grow.
Growth strategy
Carta grows by selling more products to the firms already on its ledger. The playbook is to take a professional service (409A valuations, fund accounting, legal work), automate it, and tie the output to Carta's system of record. Fund ERP bundles fund administration, fund tax, portfolio valuations, data collection, forecasting, and CRM.
Competitive advantage
Carta's main advantage is its two-sided network. Startups put investors on their Carta cap tables, investors adopt Carta for fund administration, and those funds steer portfolio companies to Carta. As a registered transfer agent holding the legal record of ownership, Carta is also costly to leave: switching means migrating years of grants, vesting schedules, and investor records.
Razorpay
How it makes money
Razorpay earns most of its money from transaction fees. Merchants on its payment gateway pay a merchant discount rate on each successful payment (standard published pricing is 2% for most domestic cards, net banking and wallets, with consumer UPI largely at zero MDR under Indian rules).
Growth strategy
Razorpay's strategy is to widen beyond online checkout. The 2022 Ezetap deal took it into offline POS; RazorpayX extends it into payouts, current accounts and payroll; Razorpay Capital uses merchant transaction data for credit; and Curlec gives it a base in Malaysia. Domestically, moving its holding company to India in 2025 cleared the way for a local stock market listing.
Competitive advantage
Razorpay's edge is developer adoption. Clean APIs, SDKs, plugins for Shopify and WooCommerce, and fast digital onboarding made it a default gateway for Indian startups, and that installed base lets it cross-sell payouts, payroll, POS and credit to merchants who already route money through it.
Questions about Carta vs Razorpay
Which company has higher revenue — Carta, Inc. or Razorpay?
Carta, Inc. had $442.0M (unaudited) (FY2024), while Razorpay had ~$438.8M (FY2025). By latest annual revenue, Carta, Inc. is the larger business, with Razorpay showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How does revenue per employee compare for Carta, Inc. and Razorpay?
Carta, Inc. has $233k / employee in revenue per employee, while Razorpay has $125k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Carta, Inc. and Razorpay make money?
Carta, Inc. and Razorpay generate revenue in fundamentally different ways. Carta, Inc.: Carta sells annual software subscriptions plus service fees on both sides of the private market. Razorpay: Razorpay earns most of its money from transaction fees.
Is Carta, Inc. bigger than Razorpay?
By last reported revenue, Carta, Inc. ($442.0M (unaudited) (FY2024)) is the larger company compared to Razorpay (~$438.8M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Carta vs Razorpay overview