Razorpay taps bankers for $700 million IPO
16 Feb 2026, 01:16 PMThe Bengaluru-based fintech is planning a public offering exceeding $700 million (approximately Rs 6,340 crore).
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Payment aggregator Razorpay has reportedly appointed four investment banks, Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi, to manage its upcoming initial public offering.
The company may bring on additional banks at a later stage if needed, Moneycontrol reported.
The Bengaluru-based fintech is planning a public offering exceeding $700 million (approximately Rs 6,340 crore), in a mix of fresh equity issuance and stake sales by existing shareholders.
The IPO plans follow Razorpay's reverse flip to India last year, when it merged its US-based parent entity with its Indian subsidiary, Razorpay Software Pvt Ltd, in May 2025. Prior to that, the company converted into a public limited entity in March 2025.
Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay had raised more than $800 million through several funding rounds, and was last valued at approximately $7 billion. Its investors include Global, Peak XV Partners (formerly Sequoia Capital India), and Lightspeed Venture Partners.
Razorpay reported that its operating revenue jumped 65% year-on-year to Rs 3,783 crore in FY25 from Rs 2,296 crore in FY24. However, the company posted a loss during the fiscal due to a Rs 1,209 crore employee stock option plan (ESOP) expense and one-time costs associated with its domicile shift to India. It posted profit after tax of Rs 34 crore in FY24.
The planned listing would see Razorpay join fellow fintech firms Groww and Pine Labs, which have recently gone public. Meanwhile, several other fintech companies including PhonePe, Kissht, Turtlemint, and InCred Holdings have filed preliminary offer documents with SEBI for potential public listings.
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