Razorpay Files Confidentially for IPO, Aims for $500-600M
By Varun Mittal
Fintech giant Razorpay has confidentially filed draft IPO papers with SEBI, aiming to raise $500-600 million. Learn about their growth and financial outlook.
Razorpay Files for IPO, Eyes $500-600 Million Raise
Fintech unicorn Razorpay has confidentially filed draft papers with the SEBI for an Initial Public Offering (IPO). The company aims to raise over $500-$600 million (Rs 5,500-6,000 crore), with the final amount subject to market conditions.
This confidential pre-filing allows Razorpay to submit necessary documents without immediately disclosing sensitive business and financial information.
Key Details on Razorpay’s Growth & Finances
- Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar.
- Major Indian fintech firm offering payment processing and banking solutions.
- Investors include GIC, Peak XV Partners, and Tiger Global.
- Consolidated revenue increased 65% year-on-year to Rs 3,783 crore in FY25, up from Rs 2,296 crore in the previous fiscal year.
- Revenue driven by its payment gateway business, RazorpayX, and international operations.
- Incurred a net loss of Rs 1,209 crore in FY25, mainly due to one-time ESOP-related expenses and tax liabilities.
Strategic Reverse-Flip and Market Context
Razorpay completed its reverse-flip in May 2025, moving its parent company’s domicile from the United States to India. This move was initiated in May 2023 in anticipation of its Indian stock exchange listing.
This filing contributes to increasing IPO activity in India’s startup market. Other fintech listings include Groww, Pine Labs, and One Mobikwik Systems, with PhonePe and Turtlemint also in the pipeline.