Razorpay has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), according to sources privy to the matter. The Bengaluru-based fintech firm had confidentially submitted its draft red herring prospectus (DRHP) to SEBI in June 2026. According to a report from the Economic Times, Razorpay is aiming to raise Rs 5,500-6,500 crore through its IPO, with a projected valuation of $5 billion (Rs 49,000-50,000 crore). Sources indicate the company plans to submit its final IPO documents before March 2027.
Media reports suggest that Razorpay has enlisted Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi as investment bankers for its upcoming IPO. The company had a valuation of $7.5 billion in 2021, when it secured $375 million during the peak funding cycle. Since then, Razorpay has implemented several strategic measures in preparation for its public listing.
Company Developments Leading to IPO
In April 2025, Razorpay transitioned into a public limited company as part of its IPO strategy. Later that same year, the company completed a reverse flip back to India, shifting its domicile from the US to India, and incurred approximately $150 million in taxes related to this transition.
Razorpay’s Services and Expansion
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers payment gateway solutions to businesses. Over time, it has broadened its services to include business banking, lending, and varied payment solutions for merchants.
Regulatory Activity and Latest Licences
Recently, Razorpay received the final Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA), allowing it to operate in GIFT City, Gujarat. This licence will enable the fintech company to provide payment services to businesses functioning in the International Financial Services Centre.
Startup Superb has sought comments from Razorpay, and the story will be updated once a response is received.
