Fintech major Razorpay is reportedly preparing for a Rs 4,500 crore an Initial Public Offer. According to an ET report, Razorpay has invited bids from merchant bankers for the IPO mandate.
According to the ET report, Axis Capital and Kotak Mahindra are among the top contenders for Razorpay’s underwriter role for its IPO. The talks are still in the Initial phase, and the public issue could be launched by the end of the year.
Finnacialexpress.com could not independently confirm the news. We have written to the company seeking clarification and will update you when we get a response.
Razorpay IPO preparations underway?
The ET report further stated that the Bengaluru-based merchant-payments company is also in talks to raise funds in a pre-IPO round, mostly comprising a secondary transaction to achieve a valuation benchmark.
Razorpay’s India transition
Last year in April, Razorpay transitioned to a public limited company as part of its plan to shift domicile from the United States to India. The company paid a total of $150 million in taxes as part of its reverse flip plan.
As India’s fintech boom continues, Razorpay would join the league of fintechs such as Paytm, Mobikwik, Groww and Pine Labs, which have listed on the stock exchanges.
Razorpay recently acquired a majority stake in POP UPI for $30 million and also secured a cross-border payment aggregator licence from RBI.
Razorpay valuation and funding
Founded by Shashank Kumar and Harshil Mathur in 2014, Razorpay has raised a total of $742 million in 11 funding rounds. In the December 2021 funding round, the company was valued at $7.5 billion. The company’s investor list includes marquee investors like Peak XV Partners, Tiger Global, Y Combinator and Ribbit Capital.
According to the data platform Tracxn, Razorpay’s post-money valuation as of June 2025 was $9.2 billion. At the end of FY24, its annual revenue was Rs 2,500 crore and employed about 3,000 people.
Razorpay offers easy and secure payment solutions specifically designed for local businesses. Its products include multi-currency transactions, real-time payments, and cost-effective cross-border solutions. Apart from India, the company has expanded its businesses to Singapore and Malaysia.