Razorpay vs Stripe
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Stripe is the global standard; Razorpay owns India with a localized full-stack built around zero-MDR UPI.
At a glance
| Metric | Razorpay | Stripe |
|---|---|---|
| Revenue | ₹3,783 Cr (FY25, +65% YoY) | ~$5.8B net revenue (2025 est.) |
| Profit | Online payments segment EBITDA-positive; group still net loss | Profitable; $1.5B+ free cash flow |
| Active users | 12M+ businesses | Millions of businesses across 46+ countries |
| Employees | 3,500+ | ~10,000 |
| Founded | 2014 | 2010 |
| HQ | Bangalore, India | San Francisco, USA |
LLitmus Framework Score
Overall: Razorpay 90 · Stripe 95
Customer Segment
94
97
Value Proposition
96
99
Marketing Channel
90
95
Engagement
88
98
Income Source
88
90
Asset Validation
92
96
Core Operations
88
94
Strategic Alliance
91
98
Expense Validation
82
85
Razorpay leads 0 modules, Stripe leads 9. Overall edge: Stripe.
Head to head
| Dimension | Razorpay | Stripe |
|---|---|---|
| Revenue | ₹3,783 Cr (FY25, +65%) | ~$5.8B net (2025 est.) |
| Geographic focus | India-first (~55% gateway share) | 46+ countries |
| Profitability | Payments EBITDA-positive; group net loss | GAAP profitable |
| Beyond payments | RazorpayX banking, Capital lending | Billing, Tax, Radar, Issuing, Capital |
| Pricing model | ~1.5-2% MDR; zero on UPI | 2.9% + 30¢ per transaction |
FAQ
Is Razorpay or Stripe a better business?
Stripe is the global standard; Razorpay owns India with a localized full-stack built around zero-MDR UPI. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Razorpay and Stripe's business model?
Razorpay operates in Fintech (Power your finance, grow your business), while Stripe is Fintech (Financial infrastructure for the internet). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Razorpay or Stripe?
Razorpay: Online payments segment EBITDA-positive; group still net loss. Stripe: Profitable; $1.5B+ free cash flow.