Razorpay confidentially files for IPO
15 Jun 2026, 11:20 AMThe Bengaluru-based payments firm is planning to raise around $600-700 million through its proposed public offering at a valuation of $5-6 billion.
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Fintech major Razorpay has moved closer to its stock market debut by confidentially submitting its pre-filed Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO) to the Securities and Exchange Board of India (SEBI), according to a newspaper advertisement.
The Bengaluru-based payments firm is planning to raise around $600-700 million through its proposed public offering at a valuation of $5-6 billion -- a step down from its peak valuation of $7.5 billion, The Head and Tale had reported in its Money & Machines newsletter.
The issue is expected to include a mix of fresh shares and an offer-for-sale (OFS), as per media reports.
The company has appointed leading investment banks including Axis Capital, Kotak Mahindra Capital Company Limited, J.P. Morgan and Citi to manage the proposed public issue.
Razorpay was valued at $7.5 billion during its $375 million funding round in 2021. In preparation for a public listing, the company converted into a public limited entity in 2025 and later shifted its domicile back to India through a reverse flip process, incurring tax costs of nearly $150 million.
The company has also expanded its business in recent months through the acquisition of POP UPI and by obtaining a cross-border payment aggregator licence from the Reserve Bank of India.
Founded by Harshil Mathur and Shashank Kumar, Razorpay has raised more than $741 million from investors such as GIC, Peak XV Partners, Z47 and Tiger Global.
For FY25, the company reported a 65% jump in operating revenue to Rs 3,783 crore and a 41% increase in gross profit to Rs 1,277 crore. However, it posted a net loss due to employee stock option (ESOP) expenses and one-time costs linked to its corporate restructuring.
The confidential IPO filing comes as another fintech company PhonePe deferred its public offering, citing geopolitical conditions.
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