Razorpay, a fintech startup, which is worth more than $7 billion, is working harder to become profitable in all of its businesses and move its headquarters to India in preparation for an initial public offering (IPO) in two to three years.

Razorpay is looking at to lead a India’s digital P2M – payments to-merchants payments market and anticipates that its payments market should develop to about $750 billion by the year 2030.

By 2030, the country’s P2M payments market is expected to reach $4 trillion, according to the company in Bengaluru. Razorpay is an omnichannel payment and banking platform for organizations. The company, which was founded in 2014, offers technology-based payment solutions to millions of businesses.

Razorpay has proactively accomplished an annualized Total Payment Volume (TPV) of $150 billion.

 Razorpay revealed united income of 2,279 crore in FY2023, up almost 53% year-on-year (Y-o-Y) from Rs 1,481 crore in FY22. This was primarily by account of surge in users of small and medium enterprises. For FY23, the startup reported a net profit of 7.3 crore.

This was level contrasted with 7.2 crore posted in the past financial year. In FY23, its total expenses increased by 54.6% year-over-year to 2,283 crore. Employee benefit cost contributed around 28% of the total costs at 638 crore in FY23.

Arpit Chug, Chief Financial Officer, Razorpay states, “We believe Razorpay could easily garner 15 per cent to 20 per cent of that market. We expect our payments volume could grow to $750 billion by 2030. We believe that, over the next couple of years, these businesses will organically move towards pWe’ve never had a situation where we needed to cut costs or (lay off) people”.

Further Chug adds, “We’ve generally been conservative on not hiring ahead of time or having an excess number of people and then worrying about thatrofitability”.