APPENDIX A — SOURCES & VERIFICATION

✓ quote found in the source and judged supporting by an independent checker · ~ partially supported

1. Crustdata company record: Razorpay · Crustdata company database · fetched via crustdata
   • ✓ Razorpay was founded in 2014.
   • ✓ Razorpay's headquarters is located in Adugodi, Karnataka, India.
   • ✓ Harshil Mathur is the CEO and Co-Founder of Razorpay.
   • ✓ Razorpay has raised a total of $816,600,000 USD in funding.
   • ✓ Razorpay's last funding round was a secondary market round of $75,000,000 USD on May 10, 2022.
   • ✓ Razorpay has an employee count of 4,042.
   • ✓ Razorpay is a full-stack financial solutions company enabling Indian businesses to accept digital payments.
2. India Payment Gateway Market Size, Share & Forecast ... · www.kenresearch.com · fetched via crustdata-web
   • ✓ The India Payment Gateway market includes competitors like Razorpay, PayU India, BillDesk, and Cashfree Payments, and is projected to grow significantly.
3. Razorpay · in.linkedin.com · fetched via crustdata-web
   • ✓ Razorpay has a reported headcount of over 4,000 employees on LinkedIn.
4. Announcing Razorpay's $375 Million Series-F Funding ... · razorpay.com · fetched via crustdata-web
   • ✓ Razorpay's Series-F funding round valued the company at $7.5 Billion.
5. Razorpay Surges to $7.5 Billion Valuation in Latest ... · www.bloomberg.com · fetched via crustdata-web
   • ✓ Razorpay was valued at $7.5 billion in its Series F round led by Lone Pine Capital, Alkeon Capital, and TCV.
6. India's Razorpay confidentially files papers for $600 million ... · www.reuters.com · fetched via crustdata-web
   • ✓ Reuters reported in June 2026 that Razorpay was valued at about $7.5 billion in its latest major private funding round while confidentially filing for an IPO.
7. Security For Customers · razorpay.com · fetched via crustdata-web
   • ✓ Razorpay is PCI-DSS Level 1 certified and handles data in compliance with PCI-DSS guidelines and RBI regulations.
8. Integration Steps - Razorpay · razorpay.com · fetched via crustdata-web
   • ✓ Razorpay provides a direct integration app for Shopify stores to accept payments.
9. Razorpay secures RBI approval for cross-border payments · ibsintelligence.com · fetched via crustdata-web
   • ✓ Razorpay secured RBI authorisation to operate as a cross-border payments aggregator in January 2026.

Rejected claims (kept out of the memo)

• None — every extracted claim passed.

Skeptic reviews

1. Round 1: needs work
   • [q5] Headcount figure relies on a single source (Crustdata) with no corroborating evidence. → Search for Razorpay employee count on LinkedIn, Crunchbase, or recent news articles to confirm the 4,000+ headcount.
   • [q4] Total funding amount and last round details are supported only by Crustdata, which may be outdated or incomplete. → Look up Razorpay funding history on reliable databases such as Crunchbase, PitchBook, or news releases to verify total capital raised and the May 2022 secondary round.
   • [q10] Valuation citation points to a Series‑F blog post but does not include an independent source confirming the $7.5 B figure or any later re‑valuations. → Find recent valuation coverage from reputable outlets (e.g., TechCrunch, Reuters, Bloomberg) to confirm the $7.5 B valuation and check if there have been updates since the Series‑F.
   • [q7] The claim of RBI cross‑border aggregator approval in January 2026 may be premature or lack multiple confirmations. → Verify the RBI approval via a reputable financial news source or official RBI announcement to ensure the claim is accurate and up‑to‑date.
2. Round 2: needs work
   • [q4] Funding total and last round rely on a single source (Crustdata) and may be outdated or incomplete → Search for Razorpay funding data on Crunchbase, PitchBook or recent news articles to verify total amount raised and the May 2022 secondary round
   • [q10] Valuation claim uses sources from 2021 and 2026; need confirmation of the most recent valuation as of the last 12 months → Find latest valuation figures from reputable news (e.g., Bloomberg, Reuters) or Razorpay press releases from the past year
   • [q7] Cross‑border payments aggregator approval cited as January 2026, which is in the future relative to the current date; may be incorrect or outdated → Check recent RBI announcements or news articles to verify whether Razorpay has received cross‑border aggregator approval and the correct date
   • [q5] Traction numbers (customer count, revenue estimates) are not provided; only headcount is cited. Need quantitative evidence of market traction → Search for Razorpay’s reported merchant count, transaction volume, or revenue estimates in recent earnings calls, interviews, or market research reports

Agent run log

neatlogs trace: not exported