Digital payments unicorn Razorpay has filed its Pre-filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchanges, the company disclosed in a newspaper advertisement.
The Bengaluru-based company is targeting an initial public offering (IPO) of around $600 million, according to multiple media reports. The public issue is expected to comprise both a fresh issue and an offer-for-sale (OFS), although the final structure has yet to be disclosed.
Media reports indicate that Razorpay has roped in Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi for its proposed public listing.
Razorpay was last valued at $7.5 billion in 2021 when it raised $375 million during the peak of the funding cycle. Since then, the company has undertaken several strategic initiatives ahead of its public market debut. It converted into a public limited company in April 2025 and completed its reverse flip to India later that year, paying around $150 million in taxes related to the transition.
More recently, Razorpay acquired a majority stake in POP UPI in a deal valued at around $30 million and secured a cross-border payment aggregator licence from the Reserve Bank of India.
Founded by Harshil Mathur and Shashank Kumar, Razorpay has raised over $741 million from investors including GIC, Peak XV Partners, Z47 (formerly Matrix Partners India), and Tiger Global.
On the financial front, the company reported a 65% year-on-year increase in consolidated operating revenue to Rs 3,783 crore in FY25. Its gross profit grew 41% to Rs 1,277 crore. However, it reported a net loss due to ESOP-related expenses of Rs 1,209 crore and one-time costs associated with its redomiciling exercise.
Razorpay did not respond to a query sent by Entrackr.
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