Razorpay IPO gets (Securities and Exchange Board of India) SEBI approval, marking a major step towards its planned stock market debut in 2027. The company is reportedly targeting an IPO valuation of around $5 billion (approximately Rs 49,000–50,000 crore) and plans to raise around Rs 5,500 crore-Rs 6,500 crore through the public issue, although the final issue size, valuation and listing schedule remain subject to regulatory requirements and market conditions.
Key Highlights
- Razorpay IPO receives SEBI approval after the fintech unicorn confidentially filed its draft papers in June 2026.
- Razorpay reportedly targets Rs 5,500–6,500 crore through its IPO at an expected $5 billion valuation.
Investors such as Y Combinator and Peak XV Partners are supporting Razorpay's plans for an IPO by the end of the first quarter of calendar year 2027. The company had filed its draft red herring prospectus (DRHP) with SEBI in June 2026, but the filing was confidential.
Razorpay IPO Gets SEBI Approval After Confidential Filing
Razorpay submitted its IPO papers through SEBI's confidential pre-filing route, which allows companies to seek regulatory feedback on draft offer documents without immediately disclosing commercially sensitive information to the public.
Following the regulatory approval, the company is expected to file its final IPO documents before March 2027, according to sources cited in media reports.
Reports also indicate that Razorpay has appointed Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi as investment bankers for the proposed offering.
While the company was valued at $7.5 billion in 2021, when it raised $375 million, its expected IPO valuation is now around $5 billion. The final valuation will depend on the company's financial performance, investor demand and prevailing market conditions.
Razorpay Expands Beyond Its Core Payments Business
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has evolved from a payment gateway provider into a full-stack financial technology platform serving businesses across India.
Its offerings extend beyond payment acceptance to include business banking, merchant payouts, payroll, lending and other financial solutions. The platform helps businesses manage collections, vendor payments, cash flows and access to credit through an integrated interface.
The company caters to startups, small and medium businesses (SMEs) and large businesses. It has grown into a range of financial services, as it is working to create a financial services business wide.
Razorpay Completes Reverse Flip Ahead of IPO
Razorpay has undertaken several corporate restructuring initiatives as part of its preparations for a public listing.
In April 2025, the company converted into a public limited entity. Later that year, it completed its reverse flip, shifting its domicile from the United States to India. The transition reportedly involved a tax payment of around $150 million.
These steps all came under the umbrella of its plans to restructure itself to better fit with its Indian-centric business operations and to list in India.
Also Read: Razorpay Launches Vulcan, AI Model Built for Payments
Razorpay Strengthens Cross-Border Payments Presence
Razorpay has also expanded its regulatory and operational capabilities beyond the domestic payments market RBI approval. Most recently, it received the final Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA) to operate in GIFT City, Gujarat.
With the licence, the fintech firm will be allowed to provide payment services to businesses in the International Financial Services Centre (IFSC).
The proposed IPO follows as a few tech firms consider going public in India. As Razorpay progresses through the remaining regulatory and market-related steps, its financial performance, business growth and valuation will be more closely looked at.
