India’s Razorpay Eyes $600 Million IPO, Files Confidential Draft Papers With SEBI

Razorpay IPO: Indian fintech Razorpay came one step closer to an initial public offering (IPO) by confidentially filing draft papers with the Securities and Exchange Board of India (SEBI), sources told Reuters. The fintech had filed prefiled documents for its offering on June 12. The IPO is likely to raise approximately $600 million, as told to Reuters by a source aware of the development. By selecting the confidential filing option, Razorpay can keep some of the important details of its IPO, such as the issue structure and the financials, secret until it is ready for public launch.

The Bengaluru-based firm, backed by investors such as Y Combinator, Lightspeed and Singapore’s sovereign wealth ​fund GIC, is targeting its stock market debut by the end of ​2026, the source added.

The source requested anonymity, as these details ⁠are confidential.

Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital are the bankers advising ​on the deal.

Razorpay didn’t respond to Reuters’ queries on Monday. Mails to Axis Capital, ​JP Morgan, Citi and Kotak Mahindra Capital also did not elicit a response.

What Is Razorpay?

Razorpay, founded in 2014, provides technology that enables businesses to accept and process online payments through channels including ​cards, net banking, Unified Payments Interface (UPI) and digital wallets, earning revenue by charging ​merchants transaction fees.

Beyond its core payments gateway business, the company has also been expanding its offerings ‌in ⁠payroll management and merchant lending services. Razorpay competes with fintechs such as Paytm, Walmart-backed PhonePe, Cashfree and BillDesk in India’s burgeoning digital payments ecosystem.

Razorpay’s Valuation And IPO Plans

Reuters could not determine the valuation being targeted by Razorpay for its IPO. The firm was valued at ​about $7.5 billion in ​its latest major ⁠fundraise in 2021, when it raised $375 million.

Paytm’s market capitalisation stood at 718.5 billion rupees ($7.60 billion) as of last close, while PhonePe temporarily ​paused its much-anticipated IPO, citing geopolitical tensions and volatility in ​global capital ⁠markets.

India’s IPO Market Remains Among The World’s Largest

India’s markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran. In ⁠2025, ​it was the world’s second-largest IPO market after ​the U.S., with 367 listings raising $21.8 billion, according to LSEG data.

(With inputs from Reuters)

(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)

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