Fintech platform Razorpay reported around 65% year-on-year revenue growth for FY25, reflecting scale in payments, neo-banking, and merchant services. Despite top-line strength, the company posted a net loss of roughly ₹1,209 crore, largely on account of ESOP-related expenses and ongoing growth investments. Management emphasized profitability discipline while continuing to expand product suites for SMEs and enterprises. Observers see robust payments volumes and cross-sell potential, but will monitor unit economics, regulatory clarity, and funding conditions for late-stage private tech.