[Update] Razorpay Gets SEBI Nod For ₹6,000 Cr IPO

Update | November 14, 2026; 01:25 AM IST 

Fintech major Razorpay has received Securities and Exchange Board of India’s (SEBI) nod to float its proposed initial public offering (IPO).

According to SEBI’s latest processing status update, the regulator issued its observations on Razorpay’s draft IPO papers on November 3. In SEBI’s parlance, issuance of observations allows a company to proceed with its public issue.

This comes a couple of weeks after Inc42 reported that SEBI had given its go-ahead to the fintech giant to list on the bourses. At the time, sources had said that the ₹5,000 Cr to ₹6,000 Cr ($530 Mn to $630 Mn) IPO would value the company at around $5 Bn (₹47,000 Cr), with a listing likely between January and March 2027.

Original | November 4, 2026; 11:08 AM IST 

Fintech major Razorpay has received SEBI’s approval for its proposed ₹5,000-6,000 Cr IPO, sources told Inc42.

The offering is expected to value the company at around $5 Bn, with a listing likely between January and March 2027, the sources added.

The IPO is expected to comprise a fresh issue and an offer-for-sale (OFS). However, the proposed split could not be ascertained.

The Economic Times first reported the development.

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay offers payment processing, business banking, payroll, and lending solutions. It filed its IPO papers through the confidential route in June, targeting a valuation of $5 Bn to $6 Bn, below the $7.5 Bn valuation it commanded in its last funding round in 2021.

Ahead of the listing, Razorpay shifted its domicile from the US to India. The company slipped into the red in FY25, weighed down by ₹1,209 Cr in ESOP expenses and one-time restructuring and tax costs linked to the move. Operating revenue rose 65% to ₹3,783 Cr during the year.

Razorpay’s Growing AI Offerings

Alongside its IPO preparations, Razorpay has been expanding its AI offerings across payments, marketing, and business operations.

Last month, it announced an expanded partnership with OpenAI to help Indian brands advertise on ChatGPT. Under the partnership, its growth marketing platform, Razorpay Engage, will enable brands to prepare product catalogues and launch and manage campaigns on ChatGPT Ads.

Razorpay has also launched Vulcan, a transformer-based AI foundation model for digital payments. The company claims the model can improve payment reliability and safety by scoring payment routes in real time and identifying fraud patterns across multiple merchants once deployed.

Built using NVIDIA and AWS technology, Vulcan combines Razorpay’s payments data with NVIDIA’s accelerated computing and AWS’ cloud infrastructure.

The fintech major has also been developing Agent Studio, a platform for deploying task-specific AI agents for businesses. Around 200 businesses were using the platform in beta as of August, with use cases spanning reconciliation, abandoned-cart recovery, subscription recovery, and finance operations.

Razorpay has raised over $800 Mn to date from investors including Y Combinator, Tiger Global Management, Ribbit Capital, and Lightspeed.

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