Razorpay Files Confidential IPO Papers with SEBI

The fintech major is reportedly looking to raise USD 600 million from the upcoming IPO.

By Entrepreneur Staff | Jun 15, 2026

Entrepreneur India

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Fintech major Razorpay has confidentially filed draft papers for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). Reports say that the IPO is likely to be around USD 600 million.

Razorpay in a public notice said that it had filed “the pre-filed draft red herring prospectus with Sebi and the stock exchanges… in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges”.

Founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, Razorpay provides an end-to-end payment infrastructure with tools for processing, disbursing money using different methods, and more.

Six years later, Razorpay became a unicorn after bagging USD 100 million in a series D funding round. This round was co-led by GIC and Peak XV Partners (formerly Sequoia Capital). The company is also backed by the likes of Tiger Global Y Combinator, and Salesforce Ventures.

Razorpay had begun preparations for its IPO last year when the company turned into a public entity in April 2025 followed by a reverse flip to India.

For the fiscal year ending March 2025, Razorpay reported a consolidated revenue of INR 3,783 crore, a 65% year-over-year growth from INR 2,296 in FY24. It, however, reported a net loss of INR 1,209 crore in FY25 citing ESOP-related expenses and tax obligations from the reverse flip.

“FY25 was a pivotal year for Razorpay. We delivered top-line growth through strong execution while simultaneously improving our gross margins. Beyond online payments, which is now EBITDA-profitable, we’re seeing promising traction in newer businesses that are rapidly scaling and unlocking new growth vectors,” Mathur had said.

Apart from Razorpay, quick commerce firm Zepto is also preparing for an IPO. Zepto is reportedly planning to raise INR 8,010 crore through fresh issue. In the calendar year 2026, a bunch of tech companies/startups have made their public debut. Prominent names include Amagi, Shadowfax, and Fractal Analytics.