Razorpay Clears a Major IPO Hurdle
One of India’s most prominent fintech unicorns is now one step closer to going public. Razorpay has received approvals from SEBI for its IPO, said sources close to the development. (Note: Not an official statement from the company) Entrackr reached out to Razorpay to get their comments on the development.
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Key IPO Details
Confidential filing: The Bengaluru-based company confidentially filed its draft red herring prospectus (DRHP) with SEBI in June 2026.
Fundraise target: According to an Economic Times report, Razorpay aims to raise ₹5,500-6,500 crore at an expected valuation of $5 billion.
Timeline: The company is expected to file its final IPO papers before March 2027.
Bankers: Media reports say Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi have been appointed.
A Valuation Reset
The expected valuation is much lower than its peak valuation. The venture was last valued at $7.5 billion in 2021, when it raised $375 million at the height of the funding cycle. This will value the company lower than its 2021 peak and is a trend we have seen in many startups going public.
Preparing for the Public Market
Razorpay has been laying groundwork for its debut:
In April 2025, it converted into a public limited company.
It later completed a reverse flip to India, shifting its domicile from the US, and paid around $150 million in taxes related to the move.
It recently received the final Payment Service Provider licence from IFSCA to operate in GIFT City, Gujarat.
About Razorpay
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay provides payment gateway services to businesses, and has expanded into business banking, lending and payment solutions for merchants. You can learn more at Razorpay’s official website.
What to Watch
Filing of the final offer documents and the IPO date
Final price band and valuation
The split between fresh issue and offer for sale
Financial performance disclosed in the prospectus
If you track pre-IPO companies, you can explore unlisted and pre-IPO shares on Dhan Kirti.
Disclaimer: This article is for informational purposes only and is not investment advice. IPO details are based on media reports and may change. Please do your own research or consult a SEBI-registered advisor before investing.
Frequently Asked Questions (FAQs)
1. Is Razorpay approved by SEBI for its IPO?
Yes, according to sources cited by Entrackr. However, no comments have been made by the company.
2. How much does Razorpay aim to raise?
Based on reports, it aims to raise between 5,500-6,500 crore in what is expected to be a $5 billion valuation.
3. When will Razorpay’s IPO be open?
No dates have been announced however, the company is expected to submit final documents before March 2027.
4. Which banks are managing Razorpay’s IPO?
Based on media reports, the IPO is being managed by Axis Capital, Kotak Mahindra Capital, JP Morgan and Citigroup.
5. How much has Razorpay’s valuation dropped from 2021?
The valuation now stands at $7.5 billion in 2021, so the expected $5 billion.
6. Who founded Razorpay?
Razorpay was founded by Harshil Mathur and Shashank Kumar in 2014.
7. Where can I find pre-IPO share information?
Browse the shares section on Dhan Kirti for unlisted and pre-IPO companies.
