Fintech unicorn Razorpay, backed by Y Combinator and Peak XV, has confidentially filed draft papers with the SEBI for an initial public offering (IPO). The proposed public issue is expected to raise more than $500-$600 million, or about Rs 5,500-6,000 crore, although the final size may change depending on market conditions and investor demand.

The confidential filing is a key step in the Bengaluru-based company’s listing plans. Under Sebi’s confidential pre-filing route, companies can submit draft offer documents without publicly disclosing sensitive business and financial information at an early stage.

Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay is among India’s largest fintech companies and offers payment processing and banking solutions for businesses. Its investors include GIC, Peak XV Partners and Tiger Global. The company has been preparing for its public market debut for the past few years.

In February 2024, Razorpay reported that its consolidated revenue rose 65 per cent year-on-year to Rs 3,783 crore in FY25 from Rs 2,296 crore in the previous financial year, driven by its payment gateway business, RazorpayX and international operations. Gross profit increased to Rs 1,277 crore from Rs 906 crore a year earlier. The company also reported a net loss of Rs 1,209 crore in FY25, mainly due to one-time ESOP-related expenses and tax liabilities linked to its reverse-flip process to shift its domicile back to India.

Razorpay completed its reverse-flip process in May 2025, shifting its parent company’s domicile from the United States to India. The process involved merging Razorpay’s US-registered parent entity with its Indian subsidiary, Razorpay Software India Pvt Ltd. The restructuring consolidates the company’s operations under Indian jurisdiction. Razorpay had started the process to move its parent entity to India from the US in May 2023 ahead of its plans to list on the Indian bourses.

The filing comes amid renewed activity in India’s startup IPO market, with several new-age technology companies evaluating listing plans over the next 12 to 18 months. Among fintech firms, Groww, Pine Labs and One Mobikwik Systems have already listed on the stock exchanges, while PhonePe and Turtlemint are among those in the pipeline after receiving approval from the market regulator for their IPOs.

Razorpay’s confidential submission to Sebi marks another step in its long-awaited stock market debut, as the company moves ahead with its India listing plans after completing its reverse flip and reporting strong revenue growth.