Razorpay, one of India’s largest fintech companies, has confidentially filed draft IPO papers with SEBI and stock exchanges for a public issue expected to raise about $600 million (₹5,000-6,000 crore), reports Moneycontrol. The company is using the confidential filing route, which allows firms to submit documents privately, receive regulatory feedback, and delay public disclosure of detailed financials until closer to launch. This mechanism has become popular among technology startups seeking flexibility in volatile market conditions.
The IPO is expected to value Razorpay at around $5-6 billion, a notable reduction from its peak private-market valuation of $7.5 billion achieved in late 2021 when the company raised $375 million. While the lower valuation may appear like a step back, it largely shows a broader reset in technology and fintech valuations worldwide as public-market investors increasingly focus on profitability and cash generation rather than pure growth.
According to the report, for the IPO, Razorpay has appointed a consortium of leading investment banks including Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital as advisers and book-running lead managers. The report also suggests that the final issue could include both a fresh issue of shares and an offer-for-sale component that would allow some early investors to partially monetize their holdings.
Meanwhile, one of the most significant milestones before the IPO was Razorpay’s ‘reverse flip’ back to India. The company completed the redomiciling of its parent entity from the United States to India in 2025, consolidating operations under Indian jurisdiction. The move reportedly carried a tax impact of around $150 million, but it cleared a major structural hurdle for a domestic listing. The company also converted itself into a public limited entity and secured shareholder approval for a fresh share issue of about ₹2,700 crore, laying the groundwork for the public offering.
Financially, Razorpay enters the IPO process from a position of strong operational growth. The company reported FY25 revenue of ₹3,783 crore, indicating a 65% year-on-year increase from ₹2,296 crore in FY24. Gross profit climbed to ₹1,277 crore, while its core payments business reportedly turned EBITDA positive. However, Razorpay also recorded a net loss of ₹1,209 crore during FY25, largely due to one-time ESOP expenses and tax costs associated with its corporate restructuring. Revenue growth was driven by its payments gateway business, RazorpayX banking products and expanding international operations.
Razorpay is backed by some of the world’s most prominent venture investors. Its cap table includes Y Combinator, Lightspeed Venture Partners, Peak XV Partners, Tiger Global, and Singapore sovereign wealth fund GIC. Across funding rounds, the company has raised over $740 million in capital.
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Ashutosh is a Senior Writer at The Tech Portal, largely reporting on new tech, and intersection of technology and business. Ashutosh’s career spans across nearly a decade of technology writing across multiple platforms and languages.
