Razorpay vs Zerodha
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Different games - Zerodha monetizes trading, Razorpay monetizes payments - but both are India fintech profitability benchmarks.
At a glance
| Metric | Razorpay | Zerodha |
|---|---|---|
| Revenue | ₹3,783 Cr (FY25, +65% YoY) | ₹8,847 Cr (FY25) |
| Profit | Online payments segment EBITDA-positive; group posted a ₹1,209 Cr net loss in FY25 (driven by ESOP charges and a ~₹1,275 Cr one-time tax cost from its May 2025 reverse-flip/redomiciliation to India, not operating losses) | ₹4,237 Cr (FY25 PAT) |
| Active users | 12M+ businesses | ~6.9M active NSE clients (68.93 lakh, FY26-end) |
| Employees | 3,500+ | 1,200+ |
| Founded | 2014 | 2010 |
| HQ | Bangalore, India | Bangalore, India |
LLitmus Framework Score
Overall: Razorpay 90 · Zerodha 92
Customer Segment
94
95
Value Proposition
96
98
Marketing Channel
90
92
Engagement
88
88
Income Source
88
96
Asset Validation
92
90
Core Operations
88
85
Strategic Alliance
91
87
Expense Validation
82
94
Razorpay leads 3 modules, Zerodha leads 5. Overall edge: Zerodha.
Head to head
| Dimension | Razorpay | Zerodha |
|---|---|---|
| Business | Merchant payments + banking | Retail stock brokerage |
| Revenue (FY25) | ₹3,783 Cr (+65% YoY) | ₹8,847 Cr |
| Profitability | Payments EBITDA-positive; group net loss | ₹4,237 Cr PAT (~48% margin) |
| Funding | $7.5B-valuation, VC-backed | Bootstrapped |
FAQ
Is Razorpay or Zerodha a better business?
Different games - Zerodha monetizes trading, Razorpay monetizes payments - but both are India fintech profitability benchmarks. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Razorpay and Zerodha's business model?
Razorpay operates in Fintech (Power your finance, grow your business), while Zerodha is Fintech (Invest in everything). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Razorpay or Zerodha?
Razorpay: Online payments segment EBITDA-positive; group posted a ₹1,209 Cr net loss in FY25 (driven by ESOP charges and a ~₹1,275 Cr one-time tax cost from its May 2025 reverse-flip/redomiciliation to India, not operating losses). Zerodha: ₹4,237 Cr (FY25 PAT).