Razorpay has reportedly taken a significant step toward its public market debut by confidentially filing draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
According to sources familiar with the development, the fintech unicorn is expected to raise between $500 million and $600 million through the proposed public issue, although the final size may vary depending on market conditions and investor demand.
The confidential filing allows companies to submit draft offer documents to SEBI without publicly disclosing sensitive financial and business information during the initial stages of the listing process.
Earlier reports indicated that Razorpay had appointed Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi as bankers for the proposed IPO. At the time, sources suggested the company was targeting a fundraising size of more than $700 million.
Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay has grown into one of India’s leading fintech companies, offering payment processing and banking solutions for businesses. The company is backed by investors including GIC, Peak XV Partners, and Tiger Global.
The company has been preparing for its stock market listing for several years. In February 2024, co-founder and CEO Harshil Mathur stated that Razorpay would pursue an IPO after completing its reverse-flip process and shifting its domicile to India.
Razorpay completed the reverse-flip process in May 2025, relocating its parent company’s domicile from the United States to India. The restructuring involved merging its US-registered parent entity with Razorpay Software India Pvt Ltd, consolidating operations under Indian jurisdiction.
Financially, the company reported strong growth in FY25. Consolidated revenue increased 65% year-on-year to Rs 3,783 crore from Rs 2,296 crore in the previous fiscal. Gross profit rose to Rs 1,277 crore from Rs 906 crore, supported by growth in its payment gateway business, RazorpayX, and international operations.
The company reported a net loss of Rs 1,209 crore in FY25, largely attributed to one-time ESOP-related expenses and tax liabilities linked to the reverse-flip process.
The filing comes amid renewed momentum in India’s startup IPO market, with several technology-led companies exploring public listings over the next 12 to 18 months. Within the fintech sector, Groww, Pine Labs, and One Mobikwik Systems have already listed, while PhonePe and Turtlemint are among the companies progressing toward their IPO plans.
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