FigureAsia 35 Under 35 · Business
Harshil Mathur
Age 34 · Payments infrastructure · India
A payments founder who combined rapid operating growth with the difficult return of a global corporate structure to India.
- Approximate age at the edition boundary
- 34
- Field
- Business
- Country or region
- India
- FigureAsia U35 Assessment
- 91.0 / 100
Profile
Career and operating record
Harshil Mathur has spent more than a decade building the software and regulated infrastructure that allows Indian businesses to accept payments, move money and use financial services. His role is operational rather than ceremonial: as co-founder and chief executive, he has overseen Razorpay's business and management since its inception. By FY25, the company reported ₹3,783 crore in revenue, 65% growth from the prior year, while gross profit rose 41%. Its online-payments operation was EBITDA-positive and cash-generative.
The more consequential 2025 event was structural. Razorpay completed the transfer of its corporate domicile from the United States to India on 29 May, bringing ownership of a large, internationally organised fintech group under an Indian parent. Such moves require tax, legal, regulatory and shareholder coordination and are materially different from announcing an intention to list. The year also carried a substantial accounting loss linked in part to employee-share costs, a reminder that scale and revenue growth do not remove the need to test durable group profitability.
FigureAsia selection
Why Harshil Mathur is on the list
Razorpay did not simply raise capital or publicise a future transaction: it sustained a high-volume payments business, reported strong revenue growth and finished a complex domicile return. The chain of personal agency is clear because Mathur founded the company, remains chief executive and is formally responsible for business and management operations.
The recognition does not treat a prospective public offering as an achievement, nor does it assume that company-wide results belong to one person. Payments infrastructure depends on engineers, risk teams, banking partners and regulators. Mathur is recognised for accountable founder leadership through a completed structural transition and a measured operating record, with profitability, regulatory resilience and service quality left as continuing tests.
Verified work
The 2025–26 business record
Closed FY25 with substantial operating growth
Razorpay reported ₹3,783 crore in revenue, up 65%, and 41% growth in gross profit; its online-payments business was EBITDA-positive and cash-generative.
Completed the corporate return to India
The group finished its US-to-India domicile transfer, placing the international fintech business under an Indian parent after a multi-stage legal and regulatory process.
Market context
The work in its market
India's payment economy is no longer defined only by transaction growth. Infrastructure providers must handle fraud, settlement, merchant onboarding, credit risk, data governance and a dense network of bank and regulatory relationships while keeping services reliable at very high volumes.
Corporate structure has also become part of the sector's institutional maturity. Returning an overseas parent to India can align regulation, ownership and a possible domestic listing, but it carries real costs and execution risk. The relevant measure is completion and subsequent operating discipline, not an announced intention to move.
FigureAsia U35 Assessment
Assessment breakdown
91.0out of 100
Operating execution
27.3 / 30
Razorpay reported ₹3,783 crore in revenue, up 65%, and 41% growth in gross profit; its online-payments business was EBITDA-positive and cash-generative. The result is completed and operational rather than announced.
Commercial consequence
22.8 / 25
The record produced measurable consequence in payments infrastructure, with company-wide outcomes kept distinct from personal credit.
Individual agency
18.2 / 20
As Co-founder and Chief Executive Officer, Harshil Mathur held an identifiable decision-making and execution remit.
Industry influence
13.7 / 15
A payments founder who combined rapid operating growth with the difficult return of a global corporate structure to India. The work established a reference point beyond one financing or publicity cycle.
Asian and global relevance
9.0 / 10
An Indian founder who built a Bengaluru-based payments and banking-software company serving businesses in India and operating through subsidiaries across Asia and other markets. The work also carries consequence beyond one immediate market.