Razorpay vs Stripe: Revenue, Profit and Business Model
Razorpay reported ~$438.8M of revenue in FY2025 and a net loss of ~$140.2M. Stripe reported $6.8B of revenue in FY2025 and — of net income.
Latest financial snapshot
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.
Stripe
Stripe does not publish audited financials. Reported figures put net revenue (after card network and bank costs) at about $5.1 billion in 2024 and $6.8 billion in 2025, roughly 33% growth, while total volume rose from $1.4 trillion to $1.9 trillion. Stripe has said it is robustly profitable. Its private valuation fell to $50 billion in a 2023 funding round, recovered to $91.5 billion in a 2025 tender, and reached $159 billion in a February 2026 tender offer.
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 | — | 0.0% | — | Source |
Stripe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.8B | — | 0.0% | +33.3% | Source |
| FY2024 | $5.1B | — | 0.0% | — | Source |
Where the revenue comes from
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.
Stripe
How it makes money
Stripe earns most of its money from fees on payments it processes, typically a percentage plus a fixed fee per card transaction, with negotiated rates for large enterprises.
Growth strategy
Stripe is growing by selling more products to existing users and by moving up-market to large enterprises, while building for new payment flows. In 2025 it shipped more than 350 product updates, expanded stablecoin accounts and payouts, and launched agentic commerce tools with OpenAI.
Competitive advantage
Stripe's edge is breadth plus developer adoption. A business can start with a simple payments integration and add billing, tax, fraud, payouts, cards and stablecoin rails without switching vendors. That integration depth raises switching costs, and Stripe's data across $1.9 trillion of annual volume feeds products such as Radar and payment optimization.
Questions about Razorpay vs Stripe
Which company has higher revenue — Razorpay or Stripe, Inc.?
Razorpay reported ~$438.8M (FY2025), while Stripe, Inc. reported $6.8B (FY2025). By last reported revenue, Stripe, Inc. is the larger business, with Razorpay reporting a smaller revenue base.
What is the market cap of Razorpay vs Stripe, Inc.?
Razorpay has a market capitalisation of $7.5B. A public market cap figure for Stripe, Inc. was not available (it may be privately held).
Which is more financially efficient — Razorpay or Stripe, Inc.?
Razorpay generates $125k / employee in revenue per employee, while Stripe, Inc. generates $756k / employee. Stripe, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Razorpay and Stripe, Inc. make money?
Razorpay and Stripe, Inc. generate revenue in fundamentally different ways. Razorpay: Razorpay earns most of its money from transaction fees. Stripe, Inc.: Stripe earns most of its money from fees on payments it processes, typically a percentage plus a fixed fee per card transaction, with negotiated rates for large enterprises.
Is Razorpay bigger than Stripe, Inc.?
By last reported revenue, Stripe, Inc. ($6.8B (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 Stripe overview