Fintech giant eyes $600 million listing after returning to Indian soil.
Razorpay has filed confidential papers with SEBI for a public listing following its strategic move back to India.
The ongoing trend of Indian technology firms returning to local bourses has reached a significant new milestone recently. Bengaluru-based Razorpay has officially submitted confidential draft papers to the market regulator for an initial public offering. Consequently, the firm intends to raise upwards of $600 million through this proposed public issue. This significant move marks a major success for one of India’s most prominent financial technology companies.
However, the final valuation may still fluctuate based on prevailing market sentiment and demand from various investors. The confidential pre-filing route allows the business to protect sensitive data during the early stages of this process. This strategy effectively shields financial details from public view until the listing plans progress further.
Founded in 2014 by Harshil Mathur and Shashank Kumar, the company provides vital payment solutions for modern businesses. Prominent backers include Y Combinator, Peak XV, and Tiger Global. Furthermore, the organisation has been meticulously preparing for its stock market debut for several years.
Recently, the fintech unicorn reported a substantial revenue increase of 65 per cent to Rs 3,783 crore. This growth was primarily driven by its payment gateway and international operations. Nevertheless, the firm recorded a net loss of Rs 1,209 crore due to specific one-time expenses.
These costs related to tax liabilities from shifting its headquarters from the United States back to India. This reverse-flip process concluded in May 2025, placing the company firmly under domestic jurisdiction. Therefore, the restructuring aligns with its long-term goal of listing on local bourses.
Razorpay joins a growing list of technology startups seeking public listings over the next eighteen months. Several peers, such as Groww and Pine Labs, have already successfully entered the equity markets. Meanwhile, other major players like PhonePe are awaiting regulatory approval for their own debuts.
This confidential filing represents a definitive step forward in the company’s quest for public ownership. Strong financial growth and strategic restructuring now position the fintech leader for a successful transition to the markets.
(Source: Business Today)
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