Digital payments unicorn Razorpay has taken a major step towards its stock market debut, filing a pre-filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and stock exchanges under the regulator’s confidential filing route.

The Bengaluru-based fintech is expected to raise between $500 million and $600 million through the proposed initial public offering (IPO), according to people familiar with the matter. The issue is likely to comprise a mix of fresh shares and an offer-for-sale (OFS) by existing investors, although the final structure and size of the offering will depend on market conditions and investor demand.

The confidential filing mechanism allows companies to submit draft offer documents without immediately disclosing detailed business and financial information, giving issuers greater flexibility during the listing process.

Razorpay has appointed Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi as bankers for the issue.

The IPO filing comes after a series of strategic moves by the fintech firm to prepare for public markets. In April 2025, Razorpay converted itself into a public limited company before completing its long-awaited reverse flip to India later that year. The relocation reportedly involved a tax outgo of nearly $150 million.

The company has also been expanding its product and regulatory footprint. Earlier this year, it acquired a majority stake in UPI rewards platform POP UPI in a deal valued at around $30 million and secured a cross-border payment aggregator licence from the Reserve Bank of India, strengthening its position in the fast-growing digital payments ecosystem.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has emerged as one of India’s largest fintech companies, offering payment processing, banking and business finance solutions to enterprises and merchants. The company has raised more than $741 million from marquee investors including GIC, Peak XV Partners, Z47 and Tiger Global. It was last valued at $7.5 billion during its $375 million funding round in 2021.

Financially, Razorpay continued to post strong growth in FY25. Consolidated operating revenue rose 65% year-on-year to Rs 3,783 crore, while gross profit increased 41% to Rs 1,277 crore. However, the company reported a net loss of Rs 1,209 crore, largely due to employee stock ownership plan (ESOP) expenses and one-time costs linked to its redomiciling exercise.

With the filing, Razorpay joins a growing list of new-age technology companies tapping India’s public markets, as investor appetite for profitable and scaled digital businesses continues to strengthen.

Published on June 15, 2026