Razorpay, Cashfree, Juspay pivot from take-rates to SaaS as PA market crowds with 19 cross-border licences

India's payment aggregators are intensifying merchant acquisition across MSMEs, D2C, quick commerce and cross-border, shifting monetisation to SaaS, settlements, device rentals and FX. Juspay hit ₹514 cr FY25 revenue (+61%) with ₹62 cr profit; Razorpay clocked ₹3,783 cr (+65%); PayU draws 34% from VAS.

— Source publishedFri, 5 Jun, 2026, 06:00 IST·First seen Fri, 5 Jun, 2026, 06:06 IST·Source Mint · Industry

What happened

Indian payment aggregators Razorpay, Cashfree, MobiKwik and Juspay are intensifying merchant acquisition push toward MSMEs, D2C brands, quick commerce and

Key facts

  • ₹514 crore Juspay FY25 revenue
  • 61% YoY
  • ₹62 crore net profit
  • $1 trillion annualised TPV
  • ₹3,783 crore Razorpay FY25 revenue
  • 65% jump
  • $26.4 billion LRS outflows
  • 19 PA-CB licences
  • 34% PayU VAS contribution

Why this matters

With 19 PA-CB licences live and $26.4B LRS outflows in play, scout tuck-in targets in cross-border FX, merchant SaaS and settlement infrastructure before incumbents lock up MSME and D2C distribution.