Razorpay's business-banking layer — a current account, payouts API, payroll, corporate cards, escrow and tax payments in one stack, on top of partner banks
RazorpayX is the business-banking arm of Razorpay (founded 2014; RazorpayX itself launched in 2018), and over the last seven years it has quietly become the default business-banking stack for Indian SaaS and consumer-internet startups. It is best understood as a software-layer current account: you open a current account in a few minutes (issued by a partner bank — ICICI, Axis, RBL or YES depending on the product), and on top of that account you get a payouts API, payroll, vendor-payments workflow, tax payments, escrow accounts and (since 2025) RazorpayX Corporate Cards. For most Indian startups doing under ~₹500 Cr ARR, RazorpayX replaces the half-dozen separate tools they would otherwise stitch together — corporate bank account, payroll software, payouts engine, and finance dashboard — with one integrated stack. The platform has crossed 45,000+ businesses on it as of 2025.
RazorpayX is the business-banking product family inside Razorpay — distinct from Razorpay's better-known payment-gateway business (the consumer-checkout product). Razorpay was founded in 2014 in Bengaluru by Harshil Mathur and Shashank Kumar, both IIT Roorkee alumni; RazorpayX itself launched in 2018, internally described by the company as "a startup inside a startup." The product is a software layer on top of partner-bank current accounts, NOT a bank itself. The current account is issued by one of Razorpay's partner banks — RazorpayX began with RBL Bank as the primary partner, and now also operates on ICICI Bank, Axis Bank and YES Bank — and Razorpay layers UX, automation, APIs and finance workflows on top.
The reason this distinction matters: every claim about RazorpayX has two surfaces — the regulated banking layer (set by the partner bank's rules, RBI guidelines and your KYC tier) and the software layer (set by Razorpay). When something works well (instant account opening, slick payout dashboard, payroll automation), that's the software layer. When something fails (account creation is blocked because of partner-bank rules, or a payout is held for compliance review), that's the bank-partner layer. Knowing which layer you're dealing with is essential when escalating an issue.
For Indian product and founding teams, RazorpayX is most useful as a finance-stack consolidator. Instead of running a current account at HDFC, payroll at GreytHR, payouts via a vendor like Cashfree, and reconciliation in Tally, you can run all four flows through RazorpayX and pull a single reconciled ledger out the other side. The TCO win is usually 30-60% over a stitched stack of best-of-breed tools, and the engineering cost saved on integrations is significant.
Online current-account opening in under 24 hours for most KYC profiles, no minimum balance, no maintenance fees. Issued by RBL, ICICI, Axis or YES Bank depending on product variant. Comes with cheque book, debit card and a real-time online dashboard. The free tier is genuinely free — most fees are usage-based on payouts.
The single feature most teams integrate first. Send money to any Indian bank account via IMPS, NEFT, RTGS or UPI, all through one API. Typical pricing in the ₹2–5 per payout range; volume discounts negotiated for >50K payouts/month. Real-time settlement, retry logic built in, and webhook callbacks on every state change.
End-to-end salary disbursement — TDS, PF, ESI, professional tax and benefits all auto-computed and paid on schedule. Used by ~25,000 SMEs as of 2025 figures. Significantly cheaper than dedicated payroll software for under-100-headcount companies.
Launched in June 2025 with Mastercard, RBL Bank and YES Bank as partners. Credit lines up to ₹2 Cr for qualifying startups, multi-currency support, programmable spend controls, and cleaner reconciliation than personal credit-card-on-business-expense workflows.
GST, TDS, advance tax, professional tax and corporate tax all payable from inside RazorpayX. Eliminates the typical "log in to NSDL, log in to GSTN, log in to TIN" finance-team Monday-morning ritual.
Automated escrow accounts (added 2024) for marketplaces, P2P platforms, and any business that needs to hold and release funds between parties under defined conditions. Reduces the legal and operational overhead of running an escrow manually with a bank.
RazorpayX uses a usage-based price card with a free tier on the account itself:
Verify the live price card on the RazorpayX pricing page before committing — it does change.
RazorpayX is the wrong call when you specifically need a deep BaaS layer for issuing virtual accounts to end-users (use Setu or M2P), or when you need a multi-currency global business account (use Wise Business or Stripe).