Razorpay IPO: Fintech Giant Eyes Rs 4,500 Crore Issue at Up to $6 Billion Valuation; What We Know So Far

A biggest fintech listing is around the corner as Razorpay is all prepped for its public issue.The Bengaluru-based digital payments company is reportedly working on a Rs.4,500 crore IPO and could target a valuation of around $5-6 billion.

While Razorpay has not yet filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), reports suggest that preparations for the IPO are progressing rapidly, with the company eyeing a stock market debut by the end of 2026.

Razorpay IPO Details

According to top reports, Razorpay IPO is considering a public issue comprising a mix of fresh equity issuance and an offer-for-sale (OFS) by existing shareholders. The fresh issue component is expected to be around Rs. 4,500 crore, while the overall size Razor IPO could be larger depending on the final structure.

The fintech unicorn is reportedly targeting a valuation of $5-6 billion (approximately Rs. 42,000 crore to Rs. 50,000 crore) for its market debut.
Although the company has not officially announced its IPO timeline, industry reports indicate that a listing could take place in the second half of 2026, subject to market conditions and regulatory approvals.

Razorpay Picks Four Investment Banks

As part of its IPO preparations, Razorpay has reportedly shortlisted four investment banks to manage the issue.

The list includes Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi. These institutions are expected to help the company structure the offering, manage regulatory filings and market the issue to institutional and retail investors.

Razorpay Revenue Jumps 65% In FY25

One of the biggest factors driving investor interest in the Razorpay IPO is the company's rapid growth.

For FY25, Razorpay reported revenue of Rs. 3,783 crore, marking a strong 65% increase compared with Rs. 2,296 crore in FY24. Gross profit also rose massively to Rs. 1,277 crore from Rs. 906 crore a year earlier.

However, despite the sharp increase in revenue, the company reported a net loss of Rs. 1,209 crore during FY25.

Another positive for investors is that Razorpay's core payments business turned EBITDA-positive during the year.

About Razorpay

Founded by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay has been one of India's most successful fintech startups.
The company counts several marquee global investors among its backers, including GIC, Peak XV Partners, Tiger Global, Lightspeed Venture Partners and Z47.

Razorpay is best known for its online payment gateway business, which enables merchants to accept digital payments through multiple channels.

The company has expanded into several adjacent segments, including Point-of-Sale (POS) solutions, payroll services, loyalty programs and RazorpayX, its banking and business finance platform. Today, Razorpay serves more than 7 million merchants across India.