Razorpay Files Confidential IPO Papers To Raise $600 Mn

Fintech major Razorpay has filed its draft red herring prospectus (DRHP) for an IPO through the confidential route, as per a newspaper advertisement.

The Peak XV Partners-backed fintech unicorn is expected to raise $500-$600 Mn through the issue, a MoneyControl report said, citing sources. In April, it was reported that Razorpay was looking to raise $600-$700 Mn through the IPO at a valuation of $5-$6 Bn, lower than its last private valuation of $7.5 Bn.

The startup appointed investment bankers including Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi earlier this year for the IPO.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers a full-stack payments and financial services platform, offering payment acceptance, disbursals, lending and business banking solutions.

It claims to cater to more than 80 Lakh businesses. Nearly 80% of its customers are small businesses, digital first brands and startups.

Backed by marquee names like Tiger Global, Y Combinator, Lightspeed, among others, the startup has raised a funding of over $800 Mn to date.

In FY25, Razorpay slipped into the red due to an ESOP expense of ₹1,209 Cr and additional one-time restructuring costs incurred from shifting its domicile to India ahead of the IPO. Its operating revenue surged 65% to ₹3,783 Cr in FY25 from ₹2,296 Cr in the previous fiscal year.

(The story will be updated soon)

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