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Indian fintech giant Razorpay has confidentially filed its draft IPO papers with the Securities and Exchange Board of India (SEBI), marking a significant step toward its public market debut.
According to reports, the company is expected to raise between $500 million and $600 million through the offering and could seek a valuation of around $5 billion to $6 billion.
Razorpay has opted for SEBI's confidential pre-filing route, allowing it to keep key business and financial information private during the initial stages of regulatory review. The route has gained popularity among new-age technology companies seeking greater flexibility before launching public issues.
The IPO filing comes after Razorpay completed its reverse-flip process, shifting its parent company's domicile from the United States back to India in 2025. The move was considered a crucial milestone in preparing for a domestic stock market listing.
On the financial front, Razorpay reported strong growth in FY25. Revenue rose approximately 65% year-on-year to ₹3,783 crore, while gross profit increased to ₹1,277 crore from ₹906 crore in the previous fiscal year.
The company, however, reported a net loss of ₹1,209 crore in FY25, largely due to one-time expenses related to employee stock ownership plans (ESOPs) and tax liabilities incurred during the reverse-flip process. Excluding these exceptional costs, the company's underlying business performance remained robust.
Founded in 2014, Razorpay has become one of India's leading fintech platforms, offering payment gateway services, business banking solutions, payroll management, and financial infrastructure to businesses across the country.
The company counts prominent investors such as Y Combinator, Peak XV Partners, Lightspeed, and GIC among its backers.
The confidential filing also comes amid renewed momentum in India's startup IPO market, with several venture-backed technology companies evaluating listing plans over the next 12 to 18 months. Razorpay's filing is expected to be closely watched by investors as a key indicator of sentiment toward India's next generation of technology listings.
Source: https://www.moneycontrol.com/news/business/startup/razorpay-confidentially-files-ipo-papers-with-sebi-issue-size-likely-to-be-around-600-million-13949286.html
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