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Razorpay has received approval from SEBI for its much-awaited IPO, through which the company is looking to raise ₹5,500-6,500 crore.
The Y Combinator- and Peak XV-backed fintech unicorn is also targeting a valuation of around $5 billion (₹49,000-50,000 crore).
What’s brewing: the listing is expected to take place between January and March 2027.
The company is now eyeing a valuation significantly lower than the $7.5 billion it was valued at in 2021.
Remember, the company had confidentially filed its draft papers with SEBI in June, following its reverse-flip process in May 2025, when it shifted the domicile of its parent company from the United States to India.
By the numbers: Razorpay's consolidated revenue increased 65% YoY to ₹3,783 crore in FY25, compared with ₹2,296 crore in FY24.
The growth was driven by its payment gateway business, RazorpayX and international operations.
Gross profit rose to ₹1,277 crore in FY25 from ₹906 crore in the previous fiscal year. However, the company reported a net loss of ₹1,209 crore, primarily due to one-time employee stock ownership plan (ESOP)-related expenses and tax liabilities arising from its reverse-flip process.
The big picture: its competitors include Prosus-backed PayU, Cashfree Payments, Pine Labs, PhonePe and Paytm, among others.
PayU also has plans to list on the Indian markets, while Pine Labs and Paytm are already listed. PhonePe is also likely to list by the end of the current financial year.
