Harshil Mathur studied at IIT Roorkee and met Shashank Kumar there. He took a job at Schlumberger in Abu Dhabi but left within months to build software.
Razorpay was incorporated on 24 May 2013. The founders spent months pitching banks, and Mathur says about 100 bankers turned them down. The product launched in October 2014, after Y Combinator accepted them.
When a reseller cut off their customers, the founders phoned each customer themselves. Razorpay later grew from payment gateway APIs into business banking, lending and payroll.
Razorpay reached a peak valuation of about $7.5 billion in 2021. In FY25 revenue was Rs 3,783 crore, up 65%, with a net loss of about Rs 1,206 crore from one-time ESOP and restructuring costs. In June 2026 it was reported to have filed confidentially for an IPO at a $5 billion to $6 billion valuation.