Fintech Unicorn Moves Closer To Public Market Debut
Digital payments giant Razorpay has taken a major step toward its stock market debut by confidentially filing its Pre-filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and stock exchanges.
The development officially places Razorpay among the most anticipated technology IPO candidates in India as the fintech sector prepares for a new phase of public market listings.
According to media reports, the Bengaluru-based company is targeting an initial public offering worth around $600 million. The issue is expected to comprise a combination of fresh equity issuance and an offer-for-sale (OFS), although the final structure has not yet been disclosed.
The confidential filing route allows companies to initiate regulatory review without immediately making sensitive business, operational and financial information public.
Top Investment Banks Join IPO Process
Reports indicate that Razorpay has appointed leading investment banks including Axis Capital, Kotak Mahindra Capital, JPMorgan Chase and Citigroup to manage the proposed public offering.
Industry experts believe the appointment of multiple marquee bankers signals the scale and strategic importance of the planned IPO.
The listing is expected to become one of the largest fintech public offerings in India and could serve as an important benchmark for other venture-backed financial technology companies considering stock market listings.
Strategic Restructuring Ahead Of Listing
Razorpay has undertaken several major corporate restructuring initiatives over the past two years to prepare for its public market debut.
The company initiated its reverse flip process in 2023 and formally shifted its domicile from the United States to India in 2025. The transition reportedly involved tax payments of nearly $150 million.
The fintech company also converted into a public limited entity in April 2025, another key requirement ahead of an Indian stock market listing.
Industry analysts believe the reverse-flip reflects a broader trend among Indian startups relocating holding structures back to India as domestic public markets become increasingly attractive for technology companies.
Business Expansion Continues Ahead Of IPO
Founded by Harshil Mathur and Shashank Kumar, Razorpay has evolved into one of India’s largest fintech platforms offering payment processing, banking infrastructure and business financial services.
The company recently acquired a majority stake in POP UPI in a deal reportedly valued at around $30 million.
It also secured a cross-border payment aggregator licence from the Reserve Bank of India, further strengthening its payments ecosystem and international transaction capabilities.
Razorpay has raised more than $741 million from investors including GIC, Peak XV Partners, Z47 and Tiger Global Management.
Revenue Surges Despite One-Time Costs
Razorpay reported strong financial performance in FY25, with consolidated operating revenue increasing 65% year-on-year to Rs 3,783 crore.
The company’s gross profit grew 41% to Rs 1,277 crore, reflecting continued expansion across payments and financial services businesses.
However, Razorpay reported a net loss of Rs 1,209 crore during the fiscal year, primarily due to ESOP-related expenses and one-time costs associated with its redomiciling process.
Analysts believe investors will closely monitor profitability metrics, payment volumes and revenue diversification as the company advances toward its public listing.
