Razorpay gears up for IPO; eyes Rs 4,500 crore fresh issue
09 Jan 2026, 12:00 PMThe fintech unicorn has approached investment banks, including Kotak Mahindra Capital and Axis Capital, for its IPO mandate.
Team Head&Tale
Share the story on
Digital payments major Razorpay has kicked off groundwork for going public with an aim to raise approximately Rs 4,500 crore (around $505 million) through new share issuance.
The fintech unicorn has approached investment banks, including Kotak Mahindra Capital and Axis Capital, to present proposals for its IPO mandate, according to The Economic Times.
The size of the IPO -- which is expected to come by the end of this year or early next year -- is not known yet.
The company is also in talks to raise a pre-IPO round, which would primarily involve existing shareholders selling their stakes. Razorpay's valuation stood at $7.5 billion during its last fundraising in 2021, when it secured $375 million.
The payments firm restructured itself into a public limited entity in April 2024 and relocated its parent company back to India the same year, incurring approximately $150 million in tax obligations for the transition.
Razorpay -- which took advantage of the new government rules easing the reverse-flip process -- managed to find "more tax optimizations", saving significant amount in the reverse flip process as compared to other companies such as PhonePe and Groww.
Recently, the payment aggregator company acquired majority stake in consumer payments firm POP for $30 million.
Co-founded by Harshil Mathur and Shashank Kumar, the company has raised over $741 million from investors including GIC, Peak XV Partners, Z47, Tiger Global, among others.
During FY25, Razorpay reported Rs 3,783 crore in revenues, compared to Rs 2,296 crore in FY24.
Who Reads Us
“I enjoy reading The Head and Tale for their coverage on the Fintech landscape. The reporting is incisive and honest, and it demonstrates a sharp understanding of the industry and the issues that concern it. I'd like to extend my best wishes to Arti for her continued success.”
“Well-researched, informative and analysis based reporting makes an interesting read. 'The Head and Tale' news portal has been demonstrating this quite well covering fintech and emerging tech sectors. Their timely updates, exclusive stories and different perspectives on these sectors help me stay informed. Kudos to Arti Singh for pursuing her passion and best wishes to the team.”
“The Head and Tale stands out for its deep industry knowledge and impressive network of sources. I especially appreciate that the reporting remains independent, rarely resorting to paid puff pieces, making it a publication I can genuinely trust. Having followed Arti’s work for years, I’ve come to rely on The Head and Tale for its unparalleled insight and truly independent coverage. Arti’s long-standing presence in the sector means her reporting is always informed, with access few can match.”
“What I really appreciate about The Head and Tale is that it doesn’t just report the news, it interprets it. The stories are well-researched, comprehensive, and bold. Arti brings a fearless lens to reporting, often asking the uncomfortable but necessary questions. She makes you pause, reflect, and rethink what it all means for the payments and fintech ecosystem. It’s rare to find journalism that’s this sharp, timely, and relevant to the work we do every day.”
“I’ve always valued journalism that goes beyond surface-level headlines. The Head and Tale does exactly that - it connects the dots, asks the tough questions, and brings clarity to the shifts shaping our evolving industry. I’ve even encouraged my team members to subscribe, because staying informed through credible, deeply reported stories is as important as building products. For me, The Head and Tale has become part of essential reading.”
