Upcoming IPO: Razorpay gets SEBI nod for ₹5,000-6,000 crore issue; eyes $5 billion valuation

Fintech firm Razorpay has secured approval from markets regulator SEBI for its proposed initial public offering (IPO) of ₹5,000-6,000 crore, sources familiar with the development said on Wednesday.

The company is targeting a valuation of around $5 billion through the public offering, they added.

The development comes after Razorpay submitted its draft IPO papers with SEBI through the confidential route in June, initiating the process to tap the public markets.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers payment acceptance, banking, payouts, payroll, lending and other financial services through an integrated platform.

The company serves millions of businesses across India, ranging from startups and small and medium enterprises to large corporates.

Razorpay attained unicorn status in 2020 and has since expanded beyond payments into a broader financial services ecosystem for businesses. Its offerings enable merchants to manage collections, payouts, payroll, cash flows and access to capital through a single platform.

The company is backed by investors including Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV.

The confidential filing route allows companies to submit draft offer documents to Sebi for review without immediately disclosing sensitive business information to the public.

Rival fintech firm PhonePe’s IPO remains temporarily on hold after the company officially paused the process in March 2026 due to geopolitical tensions in West Asia and volatile market conditions. The company intended to raise over $1 billion at a valuation of $9-10.5 billion.

About Razorpay

Razorpay had reported a 65% increase in its consolidated revenue from operations to ₹3,783 crore in the financial year 2024-25, compared to ₹2,296 crore in FY24. The growth was driven by solid execution across its banking, payment gateway, POS and international businesses.

The company’s gross profit advanced 41% YoY to ₹1,277 crore in FY25 compared to ₹906 crore a year back. The Bengaluru-headquartered firm posted a loss in FY25 post ESOP-related expenses of ₹1,209 crore.

Razorpay is a comprehensive payments suite that helps businesses accept, process, and disburse payments. It allows businesses to access all payment modes, including debit card, credit card, net banking, UPI and popular wallets including Mobikwik, Airtel Money, JioMoney, Ola Money, PayZapp and FreeCharge.