Fintech unicorn Razorpay has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), according to sources familiar with the development.
The Bengaluru-based company had confidentially filed its draft red herring prospectus (DRHP) with SEBI in June 2026.
According to an Economic Times report, Razorpay is targeting to raise Rs 5,500-6,500 crore through its IPO at an expected valuation of $5 billion (Rs 49,000-50,000 crore).
As per sources, the company expected to file its final IPO papers before March 2027.
Media reports indicate that Razorpay has roped in Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi as bankers for its proposed IPO.
Razorpay was last valued at $7.5 billion in 2021, when it raised $375 million during the peak of the funding cycle. Since then, the company has undertaken several strategic initiatives ahead of its public market debut.
In April 2025, Razorpay converted into a public limited company as part of its IPO preparations. Later that year, it completed its reverse flip to India, a process that involved shifting its domicile from the US to India. The company paid around $150 million in taxes related to the transition.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay provides payment gateway services to businesses. Over the years, it has expanded into business banking, lending and payment solutions for merchants.
Most recently, Razorpay received the final Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA) to operate in GIFT City, Gujarat.
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