Razorpay featured on ‘Forbes Cloud 100 2024’ list for third time in a row; Open AI, Databricks take top slots

Harshil Mathur-led Indian payments gateway platform Razorpay has been included in the Forbes Cloud 100 list for 2024. This is the company's third consecutive appearance on the Forbes list of the top 100 cloud-computing private companies in the world. The list was released on August 6, 2024.

Razorpay remains the only Indian company featured on the list, along with global AI giants such as Open AI, Databricks, Stripe and Canva.

“Being featured on the Forbes Cloud 100 list for the third time is an incredible honour for us at Razorpay. To be the only Indian company on this prestigious list is not just a proud moment for us, but a testament to the potential and impact of India’s financial technology sector on the global stage," said Harshil Mathur, chief executive officer and co-founder of Razorpay.

Razorpay ranks as the 70th entrant on the Forbes Cloud 100 list of companies, which highlights companies that are AI challengers and standouts in the fintech industry.

The payment gateway company has nearly 3,300 employees and has raised close to $742 million in funding from its Series A to Series F rounds, according to the list. Razorpay raised money from investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia, Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard.

The companies featured on the list have received funding from Bessemer Venture Partners and Salesforce Ventures, and the company data collected for the list was compiled through their help, according to the Forbes list methodology.

"The evaluation process involved four factors: estimated valuation (30 per cent), operating metrics (20 per cent), people and culture (15 per cent), and market leadership (35 per cent), which the judging panel then weighed to select, score, and rank the winners," reported PTI, quoting a Newsvoir press release. 

What's next for Razorpay?

Razorpay estimates that the Digital P2M Payments industry in India will continue to grow and reach $4 trillion by 2030, according to the press release.

“Recognizing the ever-expanding potential for startups, freelancer, and enterprises, the company will continue to invest in building an intelligent real-time financial infrastructure, supported by next-gen AI technologies to help businesses scale and meet their ever-evolving payment and banking needs,” said the company in the statement.

Razorpay is a private startup co-founded by Harshil Mathur and Shashank Kumar. This year’s list highlights companies that have harnessed the power of AI and strategically positioned themselves for potential IPOs and market leadership.