Razorpay has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering, people familiar with the matter told CNBC-TV18 and Moneycontrol on 3–4 November 2026. The Bengaluru-based payments company is looking to raise about ₹5,500–6,500 crore at a valuation of around $5 billion, with a listing possible in early 2027.
The approval moves one of India’s best-known fintech unicorns a step closer to the stock market, nearly five months after it filed its draft IPO papers through the confidential route in June 2026. Razorpay had not commented publicly on the approval at the time of writing.
What we know about the Razorpay IPO
According to the reports, the company is targeting a valuation of about ₹49,000–50,000 crore, or roughly $5 billion. That is below the $7.5 billion valuation it reached in 2021, when it raised $375 million in its last major funding round. The final issue size could still change depending on market conditions and investor demand.
- Issue size: about ₹5,500–6,500 crore ($500–600 million), as reported.
- Target valuation: around $5 billion.
- Timing: listing expected in the fourth quarter of FY27, or early calendar 2027.
- Bankers: Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi.
- Key investors: GIC, Peak XV Partners, Tiger Global and Y Combinator.
Razorpay’s numbers and road to listing
Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay offers payment processing, business banking through RazorpayX, and cross-border payment services. Its consolidated revenue rose 65% to ₹3,783 crore in FY25 from ₹2,296 crore in FY24, while gross profit grew to ₹1,277 crore. It reported a net loss of ₹1,209 crore for the year, largely because of one-time ESOP costs and taxes linked to its reverse flip.
The company completed that reverse flip in May 2025, moving its parent entity from the United States to India so it could list on Indian exchanges. It has also been widening its regulated footprint, most recently when it won its final IFSCA licence to run payments from GIFT City.
Why it matters for India’s fintech IPO pipeline
Razorpay joins a busy queue of fintech companies heading to the public markets. Pine Labs and Paytm are already listed, PhonePe received SEBI approval for its own IPO earlier this year, and PayU is also exploring an Indian listing. Recent coverage of the ₹33,600-crore fintech IPO pipeline showed that uncertainty over UPI merchant charges and choppy markets could still affect how these issues are priced.
For investors, the Razorpay listing would offer rare public-market exposure to a large business-payments platform rather than a consumer app. Public details on the offer, including the split between fresh issue and offer for sale, will become clearer once the company files its updated draft papers, which will be published on the SEBI public issues page.
Key takeaways
- Razorpay has SEBI approval for its IPO, according to people familiar with the matter.
- It aims to raise about ₹5,500–6,500 crore at a valuation of around $5 billion.
- The listing could come in early 2027, with Axis Capital, Kotak, JP Morgan and Citi as bankers.
- FY25 revenue rose 65% to ₹3,783 crore, with a net loss of ₹1,209 crore.
FAQ
When will the Razorpay IPO open?
No date has been announced. Reports suggest Razorpay could list in the first quarter of calendar 2027, depending on market conditions.
How much will Razorpay raise in its IPO?
Sources quoted by CNBC-TV18 put the issue at about ₹5,500–6,500 crore, at a valuation of around $5 billion.
Featured image: Harshil Mathur, CEO and co-founder, Razorpay. Photo: Razorpay newsroom.
