IPO · Financial Services

Razorpay begins IPO preparations, eyes INR 4,500 Cr fresh issue

By Startup Enthusiast · 9 January 2026

What they do

Razorpay is preparing for an IPO with a potential fresh issue of shares worth INR 4,500 Cr

The company has invited bids from merchant bankers like Kotak Mahindra and Axis Capital to manage the IPO

Razorpay is not seeking immediate primary capital from private markets and is exploring a pre-IPO round through secondary stake sales

Razorpay has begun preparations for an initial public offering (IPO) with a potential fresh issue of shares worth INR 4,500 Cr.
The company has invited bids from Kotak Mahindra Capital and Axis Capital to manage the IPO.
The IPO timeline and size are subject to market conditions and board approvals.
Razorpay is also exploring a pre-IPO funding round, primarily through secondary stake sales.
The company is well capitalised and has no immediate plans to raise fresh primary capital from private investors.
Razorpay was last valued at $7.5 Bn in 2021 after a $375 Mn fundraise.

Razorpay has been preparing for an IPO since April 2025 after converting to a public limited entity.
The company completed a reverse flip in May 2024, re-domiciling its headquarters to India from the US.
Razorpay paid $150 Mn in taxes as part of the reverse flip process, known as Desh Wapsi.

Razorpay is an omnichannel payments and banking platform that provides payment gateways, point-of-sale solutions, and business banking services.
The company offers SME payroll management, lending, insurance, and cross-border payments.
Razorpay has acquired a majority stake in POP UPI for $30 Mn.
The company has secured a cross-border payment aggregator licence from the Reserve Bank of India.
Razorpay has raised over $739 Mn in funding from investors like Tiger Global, Y Combinator, GIC, and Matrix Partners India.

Tiger Global (investor) — A global venture capital firm with a focus on early-stage tech startups.
Y Combinator (investor) — A renowned startup accelerator and venture capital firm.
GIC (investor) — A sovereign wealth fund based in Singapore.
Matrix Partners India (investor) — A venture capital firm focused on early-stage technology startups in India.
Peak XV Partners (investor) — A venture capital firm with a focus on global technology startups.
Z47 (investor) — A venture capital firm with a focus on early-stage technology startups.