Razorpay Receives SEBI Approval for IPO
Razorpay receives SEBI approval for IPO, reportedly targeting INR 5,500-6,500 crore at a USD 5 billion valuation.
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Razorpay has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering, according to sources. Razorpay had confidentially filed its draft red herring prospectus (DRHP) with SEBI in June 2026.
According to reports, Razorpay is targeting INR 5,500-6,500 crore through the IPO at an expected valuation of USD 5 billion (INR 49,000-50,000 crore). Sources said the company is expected to file its final IPO papers before March 2027. Media reports indicate Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi are its proposed bankers.
Razorpay was last valued at USD 7.5 billion in 2021, when it raised USD 375 million. In April 2025, it converted into a public limited company, and later that year completed its reverse flip to India, shifting its domicile from the US. The company paid around USD 150 million in taxes related to the move.
It recently received the final Payment Service Provider licence from the International Financial Services Centres Authority (IFSCA) to operate in GIFT City, Gujarat.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay provides payment gateway services to businesses and has expanded into business banking, lending, and payment solutions for merchants.
Razorpay has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering, according to sources. Razorpay had confidentially filed its draft red herring prospectus (DRHP) with SEBI in June 2026.
According to reports, Razorpay is targeting INR 5,500-6,500 crore through the IPO at an expected valuation of USD 5 billion (INR 49,000-50,000 crore). Sources said the company is expected to file its final IPO papers before March 2027. Media reports indicate Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi are its proposed bankers.
Razorpay was last valued at USD 7.5 billion in 2021, when it raised USD 375 million. In April 2025, it converted into a public limited company, and later that year completed its reverse flip to India, shifting its domicile from the US. The company paid around USD 150 million in taxes related to the move.
It recently received the final Payment Service Provider licence from the International Financial Services Centres Authority (IFSCA) to operate in GIFT City, Gujarat.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay provides payment gateway services to businesses and has expanded into business banking, lending, and payment solutions for merchants.
