New Delhi, June 15(CXO Media): Razorpay has taken a major step toward its stock market debut by confidentially filing draft IPO papers with the Securities and Exchange Board of India (SEBI).
According to reports, the fintech company is looking to raise between $500 million and $600 million through its initial public offering (IPO). The issue is expected to include a combination of fresh shares and an offer for sale by existing investors, with the final structure likely to depend on market conditions closer to the listing.
The confidential filing route allows companies to begin the regulatory review process without immediately disclosing detailed financial and operational information to the public.
Razorpay IPO Plans
The IPO move follows a series of restructuring steps undertaken by the company over the past two years. In May 2025, Razorpay completed its reverse flip process, merging its US-based parent entity with its Indian business and shifting its domicile back to India. The company had started the process in 2023 as part of its preparations for a domestic stock market listing.
Razorpay also converted itself into a public limited company in April 2025, a key requirement for companies planning to list on Indian exchanges.
Financial Performance Ahead Of Listing
The company reported strong revenue growth in FY25. Consolidated operating revenue rose 65% year-on-year to Rs 3,783 crore, while gross profit increased to Rs 1,277 crore. However, Razorpay posted a net loss of Rs 1,209 crore during the year, largely due to ESOP-related expenses and one-time tax costs linked to the reverse flip process.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has raised more than $741 million from investors including GIC, Peak XV Partners, Tiger Global, Z47 and Y Combinator. The company was last valued at $7.5 billion and is among the most closely watched fintech firms preparing for a public market debut in India.
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