IPO · Financial Services

Razorpay files confidential IPO papers

By Startup Enthusiast · 20 April 2026

What they do

Razorpay is a full-stack payments and financial services platform for businesses

It is preparing a confidential DRHP filing with SEBI to raise $600-700 million

The IPO valuation of $5-6 billion is below its last private valuation of $7.5 billion

Razorpay is preparing to file a confidential draft red herring prospectus (DRHP) with SEBI in the coming weeks.
The IPO aims to raise $600 million to $700 million (around ₹4,980-₹5,810 crore).
The company is targeting a valuation of $5 billion to $6 billion, lower than its last private valuation of $7.5 billion.
It has shortlisted four investment bankers: Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi.
Razorpay completed a reverse flip from the US to India in 2025, reportedly costing around $150 million in taxes.
The company slipped into a loss in FY25, with a net loss of ₹1,209 crore, partly due to ESOP costs and domicile shift expenses.
Operating revenue surged 65% year-on-year to ₹3,783 crore in FY25 from ₹2,296 crore the previous fiscal.

Several new-age tech companies have opted for the confidential route for IPO filings with SEBI.
Earlier this month, Rediff and Garuda Aerospace filed DRHPs via the confidential route.
Paytm and MobiKwik are listed fintech players, while PhonePe, Kissht, and Moneyview are in the queue for public listings.
The lower IPO valuation reflects a cautious market compared to the company's previous private round.

Razorpay is a full-stack payments and financial services platform.
It offers payment acceptance, disbursals, lending, and business banking.
The platform serves more than 80 lakh businesses, with nearly 80% being small businesses, digital-first brands, and startups.
Its website lists payment gateway, payment links, one-click checkout, POS, payouts, business banking, payroll, and tax payments.
It supports international payments with global cards, Apple Pay, and Google Pay at lower fees.
Razorpay promotes an AI payments foundation model called Razorpay Vulcan.
It offers agentic commerce to turn chats into checkout with AI-native payment flows.
The company provides payment nodes for n8n, Replit, and Vercel workflows.
It also offers a current account for startups and automated banking.