Fintech

Why Razorpay must show there’s life beyond payments

Nikhil Patwardhan

July 21, 2025 | 13 Min Read

Fintech giant Razorpay built an empire processing online transactions, but with margins reportedly shrinking and an IPO looming, it must soon prove that its other ventures are more than just interesting features.

Key Takeaways

Despite aggressive investment in diversification through both products and acquisitions, Razorpay’s non-payments revenue still accounts for only 15–20% of its topline
The broader fintech industry, grappling with near-zero UPI margins, is turning to credit, loyalty, and value-added services as key levers for survival and monetisation
Razorpay’s ability to turn experiments into scalable, profitable business lines could redefine what it takes to succeed in India’s post-payments fintech era
Razorpay may dominate payments, but as margins shrink and public markets loom, it must prove it's more than a one-trick fintech

The senior executive found Razorpay’s job offer tempting. Though a mid-level role, the fintech startup ticked all the right boxes, at least at first glance: a scorching growth pace, healthy profits, and IPO-bound.

But a nagging unease made him take a closer look.

Razorpay, which was then close to its reverse flip to India, had been all over the news—launching credit cards, payroll, lending products, and even a consumer Unified Payments Interface (UPI) app.

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