Fintech company Razorpay has received shareholders’ approval to raise Rs 2,700 crore (around $283 million) through the fresh issue component of its initial public offering (IPO), according to filings sourced from the Registrar of Companies.

The proposed IPO will also include an offer-for-sale (OFS), where some of its shareholders will dilute their holdings. However, the digital payments company did not disclose the size of the OFS component.

“The company intends to list its equity shares on one or more stock exchanges to enable the shareholders to have a formal marketplace for dealing with such equity shares. The company proposes to create, offer, issue and allot fresh equity shares bearing face value of Rs 2 each up to an aggregate of Rs 2,700 crore,” Razorpay said.

The Bengaluru-based firm also plans to raise funds from certain investors through a pre-IPO placement ahead of filing its red herring prospectus with the Securities and Exchange Board of India (SEBI). The size of the IPO will be reduced to the extent of equity shares issued through the pre-IPO route.

The company has appointed Axis Capital, Citigroup, Goldman Sachs, JP Morgan and Mahindra Capital as book-running lead managers (BRLMs) for its IPO.

Queries sent to Razorpay did not elicit any response at the time of publishing.

Razorpay’s desh wapsi: The company’s IPO preparations have been underway for some time. Razorpay completed its reverse flip to India in May 2025, shifting its headquarters from the US, a move that cost the company about $150 million in taxes. It also received board approval to convert itself into a public limited company, a key regulatory step before listing.

On the financial front, Razorpay posted a consolidated net loss of Rs 1,209 crore for the year ended March 2025, weighed down by ESOP expenses and costs related to its redomiciling to India. Revenue from operations jumped 65% to Rs 3,783 crore during the year under review, from Rs 2,296 crore in FY24.

The payments firm competes with the likes of Paytm, Pine Labs, Cashfree and PhonePe.

According to Tracxn data, Razorpay has raised $742 million in funding from investors such as Peak XV Partners, Y Combinator and Tiger Global Management, among others.

Razorpay’s AI push: The move comes as the fintech company doubles down on AI. In March 2026, Razorpay and Sarvam AI rolled out an AI voice agent that can complete food orders and payments on users’ behalf without a PIN at checkout. It also launched Agent Studio, an AI-driven platform for merchants that can analyse failed subscription payments, initiate retries, trigger targeted customer interactions, identify abandoned shopping carts, and re-engage customers via WhatsApp or email with “personalised nudges” and “offers”.

In October last year, Razorpay partnered with the National Payments Corporation of India (NPCI) and OpenAI to enable agentic payments via ChatGPT. At the Global Fintech Fest 2025, Razorpay also rolled out biometric authentication for card payments.

At a time when Razorpay is sprinting towards a listing, Walmart-backed payments company PhonePe has paused its IPO plans, citing market volatility due to the ongoing conflict in West Asia.

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