Key Takeaways:
- Razorpay IPO papers filed via confidential SEBI pre-filing route
- IPO expected to raise $500 million to $600 million
- Reverse flip completed in May 2025 enables India listing
Fintech unicorn Razorpay has confidentially filed its draft papers with the Securities and Exchange Board of India for an initial public offering, marking a key step toward its planned public listing in India.
Confidential Filing Route Gains Momentum Among Startups
The company has used SEBI’s confidential pre-filing route, which allows firms to submit draft offer documents without publicly disclosing sensitive financial and business information at the initial stage. This mechanism has seen rising adoption among Indian startups preparing for stock market listings.
The Razorpay IPO is expected to raise between $500 million and $600 million. The final issue size may vary based on market conditions and investor demand at the time of launch.
The Bengaluru-based firm has already submitted its draft documents to the regulator. It has also appointed Axis Capital, Kotak Mahindra Capital, JPMorgan, and Citi as bankers for the proposed share sale.
The confidential route offers flexibility during the review process. It allows companies to refine details before wider disclosure, while also protecting strategic data from competitors during early stages.
Growth Journey And Listing Preparation
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has grown into one of India’s major fintech platforms. The company provides payment processing and financial infrastructure services to businesses across sectors.
Its platform enables merchants to accept payments through credit cards, debit cards, Unified Payments Interface, net banking, digital wallets, and buy now pay later options. The company generates revenue primarily through transaction fees charged to merchants.
Over time, Razorpay has expanded beyond its core payments business into banking services, payroll management, and international payments. The company is backed by investors such as GIC, Peak XV Partners, Tiger Global, Lightspeed, and Y Combinator.
A key development ahead of the Razorpay IPO was the completion of its reverse flip in May 2025. This restructuring shifted the parent company’s domicile from the United States to India. The process involved merging the US entity with Razorpay Software India, bringing operations under Indian jurisdiction.
The reverse flip was initiated in May 2023 as part of the company’s preparation for a domestic listing. With this transition complete, Razorpay has aligned its corporate structure with Indian market requirements.
The confidential filing now places Razorpay among a growing set of new-age technology firms opting for this route before going public. The approach reflects a shift in how startups manage regulatory processes while planning large public offerings.
The Razorpay IPO plans highlight continued activity in India’s fintech sector, with companies focusing on scaling operations and accessing public capital markets.
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