Fintech startup Razorpay may file for an initial public offering (IPO) with the markets regulator within the next few weeks.
The Bengaluru-headquartered company is looking to raise $600-700 million through the public listing of shares, with a valuation target of $5-6 billion, according to a report by The Economic Times.
This valuation range is lower than the peak valuation of the company of $7.5 billion over four years ago.
The unicorn startup is expected to file the draft papers confidentially; that is, the company will not immediately disclose the financials in public.
Recently, many new-age startup firms have filed for public listing with Sebi (Securities and Exchange Board of India) confidentially, such as Swiggy, Groww, Meesho, and Zepto.
In FY25, Razorpay reported an operating revenue of Rs 3,783 crore but posted a net loss of Rs 1,206 crore.
In the previous financial year, the payments firm’s operating revenue stood at Rs 2,296 crore, with a loss of Rs 1,141 crore.
Razorpay is going ahead with the public listing even as some of its peers have postponed their IPO plans. It completed its reverse flip to India from the United States in May 2025 after paying a hefty tax of $150 million.
The company has also received board approval to convert itself into a public limited company, a regulatory precondition before going public.
PhonePe, which was also expected to come up with an IPO last financial year, has postponed the process for now.
The country’s most-used payments app for UPI, PhonePe, was based out of Singapore and completed its reverse flip in January 2023 after paying almost Rs 8,000 crore in taxes.
However, the company has delayed the listing process, citing heightened volatility in the equity markets.
