Razorpay Scales Back Offline Payments Ahead of IPO

India-based payments firm Razorpay has scaled back plans to expand its offline payments business as it prepares for an initial public offering, according to The Economic Times.

Current Point-of-Sale Operations

Razorpay’s point-of-sale terminal base comprises approximately 600,000 units handling between US$10 billion to US$15 billion in annual gross merchandise value. This represents growth from roughly 500,000 terminals and about US$10 billion when the company acquired PoS provider Ezetap in 2022.

Revenue Contribution and Overall Business Scale

The PoS unit generated approximately 2.3 billion rupees (US$23.8 million) in FY25, representing roughly 6% of Razorpay’s total revenue. The company processes more than US$180 billion in annual GMV across its entire business.

Strategic Shift and Competitive Context

Razorpay’s pullback from offline expansion comes as the company focuses on its online payments business ahead of the IPO. This contrasts with competitors including Pine Labs, Paytm, and BillDesk, which continue to build and expand their offline payment capabilities.