Razorpay vs Robinhood Markets: Revenue, Profit and Business Model
Razorpay had ~$438.8M of annual revenue in FY2025 and a net loss of ~$140.2M. Robinhood Markets had $4.5B of annual revenue in FY2025 and $1.9B of net income.
Latest financial snapshot
Razorpay
- Latest annual revenue
- ~$438.8M (FY2025)
- Net income
- ~-$140.2M
- Net margin
- -32.0%
- Revenue growth
- +28.8% a year, FY2023–FY2025
Robinhood Markets
- Latest annual revenue
- $4.5B (FY2025)
- Net income
- $1.9B
- Net margin
- 42.1%
- Revenue growth
- +58.9% a year, FY2019–FY2025
Financial summary
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.
Robinhood Markets
Robinhood swung from a $541 million net loss in 2023 to $1.411 billion of net income in 2024 and $1.883 billion in 2025, as revenue grew from $1.865 billion to $4.473 billion. Adjusted EBITDA reached about $2.5 billion in 2025, a 56% margin. Growth in 2026 has shifted toward options, equities and event contracts: Q2 2026 event contracts revenue was $156 million, more than 10 times the prior year, while crypto revenue fell to $100 million. Robinhood Markets, Inc. is a highly disruptive American financial services company that pioneered zero-commission stock trading, sustaining a market valuation typically over $15 billion.
Revenue and profit by year
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 |
Robinhood Markets
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.5B | $1.9B | 42.1% | +51.6% | Source |
| FY2024 | $3B | $1.4B | 47.8% | +58.2% | Source |
| FY2023 | $1.9B | -$541M | -29.0% | +37.3% | Source |
| FY2022 | $1.4B | -$1B | -75.7% | -25.2% | Source |
| FY2021 | $1.8B | -$3.7B | -203.1% | +89.5% | Source |
| FY2020 | $958M | $7M | 0.7% | +245.2% | Source |
| FY2019 | $277.5M | -$106.6M | -38.4% | — | Source |
Where the revenue comes from
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).
Robinhood Markets
- Transaction-Based Revenues
$776M (Q2 2026)
Payment for order flow on options and equities, spreads on crypto trades, and fees on event contracts (prediction markets).
- Net Interest Revenues
$389M (Q2 2026)
Margin loans, securities lending, cash sweep balances and the credit card loan book.
- Other Revenues
$143M (Q2 2026)
Robinhood Gold subscriptions ($5 per month or $50 per year) and Trump Account service revenues.
Business model and strategy
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.
Robinhood Markets
How it makes money
Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets. Transaction-based revenues ($776 million in Q2 2026) come from payment for order flow on options and equities, spreads on crypto trades, and fees on event contracts (prediction markets).
Growth strategy
Robinhood's growth strategy is to win "share of wallet" beyond trading: IRA matches and retirement transfers, the Gold Card, banking features, advisory custody through TradePMR, crypto exchange capacity through Bitstamp, event contracts, and expansion in the UK and EU. In June 2026 it cut about 10% of staff to flatten management layers while continuing to invest in new products.
Competitive advantage
Robinhood's edge is a single, well-designed mobile app that bundles brokerage, crypto, prediction markets, retirement, cash and credit, plus fast product shipping. Gold subscribers (4.8 million in Q2 2026) get perks such as an IRA match and a higher cash yield, which helps pull deposits away from older brokerages: net deposits were $75.7 billion in the 12 months to June 2026.
Questions about Razorpay vs Robinhood Markets
Which company has higher revenue — Razorpay or Robinhood Markets, Inc.?
Razorpay had ~$438.8M (FY2025), while Robinhood Markets, Inc. had $4.5B (FY2025). By latest annual revenue, Robinhood Markets, Inc. is the larger business, with Razorpay showing a smaller revenue base.
What is the market cap of Razorpay vs Robinhood Markets, Inc.?
Robinhood Markets, Inc. has a market capitalisation of $101.0B. A public market cap figure for Razorpay was not available (it may be privately held).
How does revenue per employee compare for Razorpay and Robinhood Markets, Inc.?
Razorpay has $125k / employee in revenue per employee, while Robinhood Markets, Inc. has $1.54M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Razorpay and Robinhood Markets, Inc. make money?
Razorpay and Robinhood Markets, Inc. generate revenue in fundamentally different ways. Razorpay: Razorpay earns most of its money from transaction fees. Robinhood Markets, Inc.: Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets.
Is Razorpay bigger than Robinhood Markets, Inc.?
By last reported revenue, Robinhood Markets, Inc. ($4.5B (FY2025)) 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 Razorpay vs Robinhood Markets overview