Razorpay sets late-2026 listing target, eyes Rs 4,500 crore issue

After completing its corporate restructuring and redomiciling to India last year, digital payments major Razorpay is now moving into the final stages of its IPO journey.

The Bengaluru-based fintech has begun engaging merchant bankers to pitch for the listing mandate and is targeting a fundraise of up to Rs 4,500 crore, as per a report by ET. The company is expected to tap public markets toward the end of the year, although the structure and size of the offering remain under discussion.

Alongside the IPO, Razorpay is also exploring a pre-listing funding round that is likely to be largely secondary. The company remains well capitalised following its last major fundraise in 2021, when it was valued at $7.5 billion during the peak of the venture funding cycle. There are currently no immediate plans to raise fresh primary capital from private investors.

The fintech converted into a public limited company in April last year and completed its reverse flip to India in the same period, paying approximately $150 million in related taxes. Since then, it has continued to expand its regulatory and product footprint, acquiring a majority stake in POP UPI for $30 million and securing a cross-border payment aggregator licence from the Reserve Bank of India.

Founded by Harshil Mathur and Shashank Kumar, Razorpay has raised over $741 million from investors including GIC, Peak XV Partners, Z47 and Tiger Global.

Operational momentum has remained strong. In FY25, the company reported a 65 percent jump in consolidated revenue to Rs 3,783 crore, with growth driven by its payments, banking, point-of-sale and international businesses. Gross profit rose 41 percent to Rs 1,277 crore. The company reported a net loss due to ESOP expenses of Rs 1,209 crore and one-time costs related to its redomiciling.