Razorpay converts into public entity amidst reverse flipping back to India

20 Apr 2025, 08:55 PM

This development follows the recent approval of the merger between Razorpay Inc. and Razorpay India by the Regional Director in Hyderabad.

Team Head&Tale

Fintech unicorn Razorpay has officially restructured into a public limited company, a key step toward its anticipated initial public offering (IPO). 

As per the company's regulatory filing, the payment aggregator got the approval of its members at an extraordinary general meeting held on March 27 to change its name to ‘Razorpay Software Limited’ from ‘Razorpay Software Private Limited’.

Although the Bengaluru-headquartered firm has no immediate IPO plans, it's aiming for a public listing in about two-three years. 

This development follows the recent approval of the merger between Razorpay Inc. and Razorpay India by the Regional Director in Hyderabad, Entrackr reported.

Having raised more than $800 million through several funding rounds, Razorpay was last valued at approximately $7 billion. 

In FY24, Razorpay reported a 24% jump in revenues for its payment gateway (PG) business. Despite facing over nine months ban on new merchant onboarding during the financial year, the fintech’s PG business generated revenue of Rs 2,068 crore. During this period, its total income stood at Rs 2,501 crore as compared to Rs 2,293 crore reported in FY23. It posted profit after tax of Rs 34 crore in FY24 from Rs 7 crore in FY23. 

Razorpay resumed onboarding new merchants on December 22, 2023, following RBI’s payment aggregator (PA) authorization. The company claims it launched over 40 new solutions that enhanced service penetration among existing customers. Razorpay also claimed to reach an annualized total payment volume (TPV) of $180 billion.

The development aligns Razorpay with other Indian fintech companies like Paytm and MobiKwik that have already gone public. 

Meanwhile, several other fintechs, including Pine Labs, PhonePe, Groww, Navi, OfBusiness gearing up for their IPOs in near future.

Recently, The Head and Tale exclusively reported about Pine Labs securing the National Company Law Tribunal (NCLT)'s final approval to merge its Singapore and India entities, paving the way for the fintech company to shift its domicile from Singapore to India. 

In a communication sent to shareholders, Pine Labs confirmed that the process to convert Pine Labs India (a private limited company) into an unlisted public company is expected to take three to four weeks.

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.

Rahul Chari, Co-Founder and CTO, PhonePe
Rahul Chari Co-Founder And CTO, PhonePe

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.

Rishi Gupta, MD & CEO, Fino Payments Bank
Rishi Gupta MD & CEO, Fino Payments Bank

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.

Lizzie Chapman, co-founder, ZestMoney
Lizzie Chapman Co-founder, ZestMoney

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.

Mohit Bedi, co-founder, Kiwi
Mohit Bedi Co-founder, Kiwi

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.

Cofounder of IPO-bound leading fintech lending company
Cofounder of IPO-bound leading fintech lending company