India-based payments company Razorpay has been planning to confidentially file for an initial public offering (IPO) with India's market regulator within weeks, targeting a fundraise of USD 600 million to USD 700 million.
The company is seeking a valuation of USD 5 billion to USD 6 billion, below its peak valuation of USD 7.5 billion reached more than four years ago.
The planned filing follows several preparatory steps Razorpay has completed ahead of a public listing. The company shifted its domicile to India in May 2025 at a reported tax cost of approximately USD 150 million, and has since received board approval to convert to a public limited company structure.
Financial profile and market context
For the financial year ending March 2025, Razorpay reported revenue of INR 37.8 billion, approximately USD 407 million, and a net loss of INR 12.1 billion, approximately USD 130 million. The planned valuation range represents a meaningful discount to the company's 2021 peak, reflecting a more cautious environment among Indian public market investors towards loss-making technology companies and slower growth in digital payments relative to earlier years.
Furthermore, Razorpay operates as one of India's largest payment gateways and financial services providers for businesses, offering payment processing, banking, payroll, and lending products. The company's IPO plans mark a significant test of appetite for fintech listings in India, where several high-profile technology companies have faced valuation resets since the 2021 peak.
Recently, Razorpay has made several other moves to further expand its capabilities. For example, just at the beginning of April 2026, the company integrated its payments infrastructure into OpenAI's Codex coding platform and rolled out a ChatGPT app for payment management. The app within ChatGPT was set to allow businesses to manage payment operations via conversational prompts.
Shortly before, Razorpay introduced a biometric passkey-based card authentication solution in India, developed in collaboration with Mastercard and Visa. The solution replaced OTPs with device-bound biometric verification, enabling cardholders to authenticate payments without redirections or manual input steps.
