BharatPe vs Razorpay
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Razorpay owns online B2B payments; BharatPe owns offline kirana merchants and lends to them.
At a glance
| Metric | BharatPe | Razorpay |
|---|---|---|
| Revenue | ₹1,667 Cr (FY25, +17% YoY) | ₹3,783 Cr (FY25, +65% YoY) |
| Profit | -₹88 Cr net loss (down 82%); adj. PBT +₹6 Cr | Online payments segment EBITDA-positive; group still net loss |
| Active users | 1.3 Cr+ merchants | 12M+ businesses |
| Employees | 2,000+ | 3,500+ |
| Founded | 2018 | 2014 |
| HQ | New Delhi, India | Bangalore, India |
LLitmus Framework Score
Overall: BharatPe 88 · Razorpay 90
Customer Segment
95
94
Value Proposition
96
96
Marketing Channel
87
90
Engagement
90
88
Income Source
93
88
Asset Validation
85
92
Core Operations
82
88
Strategic Alliance
89
91
Expense Validation
76
82
BharatPe leads 3 modules, Razorpay leads 5. Overall edge: Razorpay.
Head to head
| Dimension | BharatPe | Razorpay |
|---|---|---|
| Primary segment | Offline SMBs / kirana stores | Online businesses & enterprises |
| Core wedge | Interoperable QR + lending | Payment gateway + neobanking (X) |
| Acquisition cost | Near-free via zero-MDR QR | Developer-led online onboarding |
| Profit driver | Merchant lending spread | Transaction fees + financial services |
FAQ
Is BharatPe or Razorpay a better business?
Razorpay owns online B2B payments; BharatPe owns offline kirana merchants and lends to them. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between BharatPe and Razorpay's business model?
BharatPe operates in Fintech (Business Badhao), while Razorpay is Fintech (Power your finance, grow your business). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, BharatPe or Razorpay?
BharatPe: -₹88 Cr net loss (down 82%); adj. PBT +₹6 Cr. Razorpay: Online payments segment EBITDA-positive; group still net loss.