Razorpay has received approval from the Securities and Exchange Board of India for its proposed Rs 5,000-6,000 crore initial public offering, sources told Inc42. The listing is likely between January and March 2027, and the fintech is targeting a valuation of around $5 billion - below the $7.5 billion it commanded in its last private funding round in 2021. The development was first reported by the Economic Times.
The offer is expected to combine a fresh issue of shares with an offer for sale by existing holders, though the split has not been disclosed. Razorpay filed its draft papers through SEBI's confidential route in June. The Economic Times reports the company is working toward a listing in the first quarter of calendar 2027, with Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital advising, and that volatile market conditions could still push the timeline.
Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay sells payment processing, business banking, payroll and lending products to businesses. Ahead of the listing it completed the shift of its domicile from the United States to India in May 2025 - a flip that has become near-standard for Indian startups heading to domestic bourses.
That move showed up in its books. Razorpay slipped into losses in FY25 on Rs 1,209 crore of ESOP expenses and one-time restructuring and tax costs linked to the domicile shift, even as operating revenue rose 65% year on year to Rs 3,783 crore.
The pricing question will dominate the roadshow. ET reported in April that Razorpay was preparing to raise Rs 5,500-6,500 crore at an expected $5 billion valuation, and now reports the company has also drawn investor interest at a lower $3 billion mark. Where the book builds between those numbers will say a great deal about appetite for Indian fintech listings after a mixed run for new-age IPOs.
FundForge Insight: a SEBI nod is permission, not a verdict. Razorpay's public-market case rests on 65% revenue growth against a valuation reset from $7.5 billion to something nearer $5 billion - or less. Watch the final price band and the fresh-issue versus offer-for-sale split: the first tells you what public investors will pay for Indian payments, the second who is cashing out. Sources: Inc42 (November 4, 2026), Economic Times (November 4, 2026). This is not investment advice.
