Razorpay, the Bengaluru-based payments company, has received the final Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA) to operate from Gujarat International Finance Tec-City (GIFT City). The approval, announced by the company on 2 November 2026 and first reported by CNBC-TV18, lets Razorpay move money in foreign currencies, offer multi-currency accounts and power global investing for Indian residents.
The licence comes about six months after IFSCA gave the company in-principle approval in April 2026. It also makes Razorpay one of the more prominent names among the payment firms that have chosen GIFT City as a base for cross-border business, a group that recently added exporter-focused Skydo, which secured its final IFSCA nod in October.
What the Razorpay GIFT City Licence Allows
According to the company, the PSP licence lets its GIFT City unit support a wider set of cross-border flows under a single regulatory framework:
- Global investing: infrastructure for investment platforms that let Indian residents buy overseas stocks and other assets
- International collections and settlements: receiving and settling payments across borders
- Multi-currency accounts: holding funds in foreign currencies
- Foreign currency transfers: moving money to and from India in line with the Foreign Exchange Management Act (FEMA) and GIFT City rules
Razorpay said it has already completed banking integrations with RBL Bank and ICICI Bank, and that integrations with investment platforms are expected to go live in the coming weeks. Rahul Kothari, Chief Operating Officer of Razorpay, said the licence allows the company to handle foreign currency transactions, including holding funds in multi-currency accounts, and to support cross-border financial flows.
Why Global Investing Platforms Are the First Target
Today, a platform that offers overseas investing must coordinate with several banks, remittance partners and compliance systems, which can stretch onboarding to several months. Razorpay’s pitch is a single integration: a platform connects once to its GIFT City stack and can offer global investing to Indian residents, with integration timelines cut to two to three weeks, the company said.
Demand is growing. Citing industry data, Razorpay said Indians invested $2.65 billion in overseas stocks and debt in FY26, up 56% from the previous year. Brokers are already moving in this direction, with Groww, Zerodha and Angel One opening US stock investing via GIFT City.
GIFT City Becomes a Payments Hub
IFSCA has been building out its rulebook for payment companies in the international financial services centre. In October it set net-worth norms for payment system operators in GIFT City, giving existing players six months to comply. Under the IFSC framework, licensed PSPs can offer services such as account services, cross-border money transfers, merchant acquisition and escrow.
For Razorpay, the licence adds a regulated cross-border leg to a business that is also preparing for the public markets. The company filed draft IPO papers through the confidential route in June 2026, and has been widening its product range, including the Vulcan AI foundation model for payments. It said it plans to extend the GIFT City infrastructure to more financial flows, including services for non-resident Indians (NRIs).
Key Takeaways
- Razorpay has received IFSCA’s final PSP licence for GIFT City, following in-principle approval in April 2026.
- The licence covers global investing, international collections and settlements, multi-currency accounts and foreign currency transfers.
- RBL Bank and ICICI Bank are integrated, and investment platforms are expected to go live in the coming weeks.
Frequently Asked Questions
What licence has Razorpay received in GIFT City?
Razorpay has received the final Payment Service Provider licence from IFSCA, the unified regulator for India’s international financial services centre in GIFT City, Gujarat.
How will the licence help Indian investors?
Investment platforms can plug into Razorpay’s GIFT City infrastructure to offer global investing to Indian residents, with integration timelines of two to three weeks instead of several months, the company said.
More details on the IFSC payments framework are available from the International Financial Services Centres Authority and on Razorpay’s official website.
Featured image: Rahul Kothari, Chief Operating Officer, Razorpay. Photo: Razorpay (company newsroom media kit).
