Razorpay IPO
Razorpay IPO is an upcoming Mainboard IPO from Razorpay, the Bengaluru-based fintech company providing digital payments, payment processing, business banking and financial technology solutions for businesses. Razorpay confidentially filed its draft red he
Razorpay IPO Details
Razorpay has initiated the process for a proposed public listing by confidentially filing its draft red herring prospectus with SEBI in June 2026. The company has not yet publicly disclosed the final IPO price band, issue dates, lot size, subscription details or listing date. These details will be updated once they are officially disclosed through the public IPO documents.
About Razorpay
Razorpay is a fintech company founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar. The company provides technology and financial infrastructure that enables businesses to accept, process and disburse payments. Its payment platform supports payment modes including cards, net banking, UPI and wallets.
Razorpay has expanded beyond its core payment gateway business through products and services focused on business banking, payouts, payroll, payment links, recurring payments, working capital and other financial workflows. Its RazorpayX platform is designed to help businesses manage banking and financial operations, including payouts, current-account-related services and payroll compliance.
The company serves businesses across different segments and provides APIs and technology infrastructure for online payments and financial operations. Razorpay's official website describes its platform as a comprehensive payments suite for businesses and states that RazorpayX provides business banking and financial management capabilities.
Razorpay's registered office is listed at First Floor, SJR Cyber, 22 Laskar Hosur Road, Adugodi, Bengaluru, Karnataka – 560030. Razorpay Payments Private Limited is an RBI-authorised Payment Aggregator.
Strengths
- Strong revenue growth, with consolidated revenue increasing 65% year-on-year to ₹3,783 crore in FY2025.
- Established position in India’s digital payments ecosystem, serving businesses through online, offline and cross-border payment solutions.
- Diversified fintech platform covering payment gateway, POS, RazorpayX, payroll, lending and other business financial services.
- Significant payment-processing scale, with the company reporting total payment value of around $180 billion.
- Expansion beyond core payments could provide additional revenue opportunities through business banking, payroll and financial products.
- Backing from established institutional investors, including GIC, Lightspeed and other major venture investors.
- Completed its reverse flip to India in 2025, aligning its corporate structure with a potential Indian stock-market listing.
Risks to Consider
- Razorpay reported a consolidated net loss of ₹1,209 crore in FY2025 despite strong revenue growth.
- The company operates in a highly competitive fintech and digital-payments market, competing with players such as Paytm, PhonePe, Cashfree, PayU and BillDesk.
- Growth in India's digital-payments sector has moderated, which could affect the pace of future transaction and revenue growth.
- The business is subject to regulatory oversight, including RBI requirements applicable to payment aggregators and other financial services.
- The company has previously faced regulatory restrictions, including an RBI embargo on onboarding new merchants that was lifted in December 2023.
- Profitability remains an important consideration, with market observers highlighting the need for a sustainable path to profitability.
- The confidential IPO filing means detailed financial and business disclosures are not yet fully available to public investors; the final offer documents will provide additional information before the issue.
Objects of the Issue
The Razorpay IPO is expected to comprise a Fresh Issue and an Offer for Sale. Razorpay received shareholder approval for a fresh issue of approximately ₹2,700 crore, while the overall proposed IPO size has been reported at approximately ₹5,000–6,000 crore. However, because the company has filed its DRHP confidentially, the final detailed Objects of the Issue and the specific allocation of the Fresh Issue proceeds have not yet been publicly disclosed.
- The company proposes to utilise the IPO proceeds for:
- Funding purposes to be specified in the publicly available offer document.
- General corporate purposes, subject to the final terms and disclosures of the IPO.
Razorpay IPO Review
Razorpay is an established Indian fintech company with a business model spanning online payments, payment processing and business financial-management solutions. The company has expanded its product portfolio beyond payment acceptance through RazorpayX and other business-focused financial products. Its official website describes solutions covering payments, payouts, recurring payments, invoices, working capital and business banking workflows.
Razorpay confidentially filed its draft red herring prospectus with SEBI in June 2026. Because the filing was made through the confidential route, detailed IPO information such as the final issue size, price band, financial statements included in the public offer document, valuation and reservation structure is not currently available for verification from the public filing.
Investors should therefore refer to the publicly available DRHP/RHP and final prospectus once Razorpay makes the relevant documents available. The final IPO terms, financial information, risk factors, valuation and proposed use of proceeds should be considered only after the official documents are published.
How to Apply
Razorpay IPO applications can be made through ASBA or UPI once the IPO opens for public subscription and the final issue details are officially announced.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Razorpay IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Last updated Sep 28, 2026.