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MDR And AI: Inside The Two Acronyms That Could Shape Razorpay’s ₹6,000 Cr IPO

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MDR And AI: Inside The Two Acronyms That Could Shape Razorpay’s ₹6,000 Cr IPO

In March this year, on the sidelines of Razorpay’s annual flagship event FTX, CEO Harshil Mathur told Inc42 that what mattered most to him was how Razorpay stands in the public markets, and not the fact that it went public.

Eight months on, that test now has a rough date as the company sets off on the last leg of its IPO journey. 

Razorpay has received SEBI’s approval for its proposed IPO. The fintech major is looking to raise ₹5,000-6,000 Cr through a mix of fresh issue and offer for sale at a valuation of around $5 Bn, with a listing likely between January and March 2027. Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi are the reported bankers.

The headline number when it comes to Razorpay’s listing, or for that matter any listing within fintech circles, has been that of valuation.Sources suggest that Razorpay may be looking to list at a $5 Bn valuation, a markdown from the $7.5 Bn valuation that the company commanded in December 2021. 

But back in 2021, fintech valuations were sky high amidst a pandemic led funding boom that witnessed sharp corrections years down the line.

Another fintech major, PhonePe, paused its mega listing in March 2026, with reports suggesting that volatile geopolitical tensions and valuation concerns led the payments company to put its IPO plans on hold. It has since revived them on the back of MDR . Sources told Inc42 in September that PhonePe is targeting a listing between February and March 2027 at a valuation of about $10 Bn.


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