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New Delhi, Nov 4(APAC Media): Razorpay has received SEBI approval to move ahead with its proposed initial public offering (IPO), bringing the Bengaluru-based fintech company closer to a public listing in India. The company is targeting a valuation of around $5 billion.
Razorpay plans to raise between ₹5,500 crore and ₹6,500 crore through the IPO, according to sources cited by media. The proposed valuation is lower than its last reported valuation of $7.5 billion in 2021, when the company raised $375 million.
The company confidentially filed its draft IPO papers with the Securities and Exchange Board of India (SEBI) in June 2026. Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi are managing the proposed public issue.
Razorpay IPO And Financial Performance
Razorpay’s IPO plans come as the company continues to expand its payment and financial services business. Its consolidated revenue increased 65% to ₹3,783 crore in FY25, compared with ₹2,296 crore in FY24.
Razorpay’s IPO plans come as the company continues to expand its payment and financial services business. Its consolidated revenue increased 65% to ₹3,783 crore in FY25, compared with ₹2,296 crore in FY24.
Gross profit also rose to ₹1,277 crore from ₹906 crore in FY24. However, the company reported a net loss of ₹1,209 crore, largely due to one-time employee stock ownership plan (ESOP) expenses and tax liabilities linked to its restructuring.
Reverse Flip Completed Ahead Of IPO
Razorpay completed its reverse-flip process in May 2025, shifting its parent company’s domicile from the US to India. The process involved merging its US-registered parent entity with its Indian subsidiary, Razorpay Software India Pvt Ltd.
Razorpay completed its reverse-flip process in May 2025, shifting its parent company’s domicile from the US to India. The process involved merging its US-registered parent entity with its Indian subsidiary, Razorpay Software India Pvt Ltd.
The company had started the restructuring in May 2023 as part of its preparations for an Indian stock market listing.
Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay provides payment processing and banking solutions to businesses. Its investors include GIC, Peak XV Partners and Tiger Global.
Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay provides payment processing and banking solutions to businesses. Its investors include GIC, Peak XV Partners and Tiger Global.
Razorpay will enter a competitive fintech IPO market, where companies such as Paytm and Pine Labs are already listed. PhonePe is also preparing for a potential public listing, while PayU has explored an IPO in India.
The proposed listing will be an important step for Razorpay as it moves from private funding rounds to the public markets.
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