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IPO · Financial Services

Razorpay files draft papers for initial public offering

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Razorpay logo
Date
Company
Razorpay
What it does
Payment gateway and financial infrastructure provider
Kind
IPO
Amount
$500M-$600M
Stage
pre-ipo
Based in
Bengaluru
Founded
2014
Sector
Financial Services

What they do

Razorpay provides a suite of financial tools including payment gateways, business banking, and AI-native commerce solutions for businesses of all sizes

What happened

The company has confidentially filed draft papers for an initial public offering (IPO) aiming to raise between $500 million and $600 million

Why it matters

This move follows the company's recent reverse-flip, which involved shifting its parent entity from the United States back to India in May 2025

The details

  • Razorpay has confidentially filed draft papers with SEBI for an initial public offering.
  • The company plans to raise approximately $500 million to $600 million through this public listing.
  • Final terms of the offering remain subject to prevailing market conditions.
  • The firm recently completed a reverse-flip in May 2025, moving its parent company domicile from the United States to India.
  • The company is currently preparing for its exhibition at the Global Fintech Fest 2026 in September.

The bigger picture

  • The company was initially rejected by nearly 100 bankers before securing its first partnership.
  • It gained early momentum after being selected for the Y Combinator accelerator program in 2015.
  • The company previously raised $375 million in 2021 at a valuation of $7.5 billion.

About the business

  • Razorpay offers a comprehensive payment gateway and payment links for online merchants.
  • Its product suite includes POS (point of sale) systems, payout APIs, and business banking services.
  • The company has expanded into AI-native commerce and agentic business banking tools.
  • It supports international payments across major markets including the USA, UK, and UAE.
  • The company developed the Razorpay Vulcan foundation model for AI-driven payment processing.

The deal

Type
ipo

Investors

  • Lone Pine Capital (existing) — Led the 2021 funding round.
  • Alkeon Capital (existing) — Led the 2021 funding round.
  • TCV (existing) — Led the 2021 funding round.

Founders

  • Harshil Mathur, CEO
  • Shashank Kumar, MD

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