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Razorpay has confidentially filed IPO papers with SEBI, officially kickstarting its journey to the stock market.
A confidential IPO filing lets a company begin the listing process while keeping key financial and business information private until a later stage.
The deets: the company is expected to raise ₹5,000-6,000 crore through its IPO, which could value the Bengaluru-based fintech company at ₹50,000-60,000 crore.
To prepare for its Indian stock market debut, the company shifted its parent entity from the US to India in 2025, a move known as a reverse flip.
Besides, Razorpay is backed by some of the world's biggest investors, including Peak XV, Tiger Global, Ribbit Capital, TCV, Matrix Partners and Lightspeed.
The timing: the filing comes as rival fintech PhonePe has temporarily paused its own listing plans due to the West Asia conflict and heightened market volatility.
Even so, India remains a hot destination for IPOs. In 2025, it became the world's second-largest IPO market, with 367 listings raising $21.8 billion, despite a choppy start to 2026.
Razorpay is also entering the public markets from a position of strength. In FY25, its operating revenue jumped 65% to ₹3,783 crore, while gross profit rose 41% to ₹1,277 crore. The company reported a net loss of ₹1,209 crore, mainly due to one-time costs from shifting its parent company to India and employee stock compensation (ESOPs). Its filing adds to the growing wave of new-age tech companies tapping India's public markets.
