Indian fintech company Razorpay has confidentially filed draft papers for an initial public offering that could raise around $600 million, according to a source familiar with the matter. The Bengaluru-based company appointed Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital as advisers for the planned offering, placing one of the country's largest payments firms on track for a possible stock market debut by the end of 2026. The filing tests whether public-market investors are ready to reprice India's fintech sector after several years of tighter funding conditions, lower private valuations and heavier regulatory oversight. Razorpay was last valued at about $7.5 billion in 2021, when it raised $375 million from investors including Y Combinator, Lightspeed and Singapore sovereign wealth fund GIC.
Razorpay Chooses Confidential Filing Route
Razorpay has chosen the confidential filing route, allowing it to submit draft documents privately before launching a public issue. That gives the company flexibility to delay, revise or withdraw its listing plan if market conditions weaken before the IPO window opens. The route also lets Razorpay keep sensitive financial details private during the early stage of the process. That matters for a company operating in a highly competitive payments market where revenue mix, processing volumes, profitability and lending exposure will be closely watched once disclosed. The company has not disclosed the valuation it is seeking.
Razorpay Expanded Beyond Payment Gateway Services
Founded in 2014, Razorpay built its core business by providing online payment infrastructure for merchants. Its platform allows businesses to accept payments through cards, net banking, Unified Payments Interface transactions and digital wallets. The company earns revenue mainly through transaction fees charged to merchants using its services. Over time, Razorpay has expanded beyond payment gateway services into payroll software, business banking tools and merchant lending. Razorpay competes with Paytm, Walmart-backed PhonePe, Cashfree and BillDesk in India's digital payments ecosystem. Unlike some rivals with large consumer-facing platforms, Razorpay has focused mainly on merchant services, embedding its technology into the payment infrastructure used by startups, small businesses and large enterprises.
Investors to Focus on Revenue Growth and Lending Performance
Once Razorpay's financial documents become public, investors are likely to focus on revenue growth, profitability, payment processing volumes and the performance of its lending business. The lending operation may receive particular attention because it offers higher-margin revenue but also introduces credit risk. Merchant lending can strengthen Razorpay's economics by giving the company another way to monetize its business customer base. It can also expose the company to defaults if economic conditions weaken or if underwriting standards fail to keep pace with loan growth. Another key issue will be the company's ability to build sustainable revenue in a market shaped by low-cost UPI transactions. The IPO also comes as competition among major Indian fintech firms enters a new stage. PhonePe has been widely expected to pursue a public listing, but recently paused its IPO plans amid market volatility and geopolitical uncertainty.
India Recorded 367 IPO Listings in 2025
India was the world's second-largest IPO market in 2025 after the United States, with 367 listings raising $21.8 billion, according to London Stock Exchange Group data. That strong listing backdrop gives Razorpay a supportive domestic market, but large technology IPOs still face more demanding investor scrutiny than they did during the earlier funding boom. A strong Razorpay debut would provide a fresh benchmark for India's fintech sector and could encourage other venture-backed companies to restart delayed listing plans.
FAQ
What did Razorpay file for and when?
Razorpay confidentially filed draft papers for an initial public offering that could raise around $600 million, with a possible stock market debut by the end of 2026.
Who are the advisers for Razorpay's IPO?
Razorpay appointed Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital as advisers for the planned offering.
What was Razorpay's last valuation?
Razorpay was last valued at about $7.5 billion in 2021, when it raised $375 million from investors including Y Combinator, Lightspeed and Singapore sovereign wealth fund GIC.
