Razorpay has reportedly received Sebi approval for its proposed IPO and is targeting a listing as early as the first quarter of 2027.
According to an industry source, India-based Razorpay is aiming for a valuation of around USD 5 billion. The company has not disclosed the size of the offering, but people familiar with the matter say it is likely to be between INR 50 billion and INR 60 billion (USD 565-680 million). The final issue size, valuation, and listing timeline will depend on regulatory requirements and market conditions.
Confidential filing route
Razorpay filed its draft IPO documents in June 2026 through the confidential pre-filing route, which allows companies to submit draft offer documents to the Securities and Exchange Board of India (Sebi) for review without immediately making commercially sensitive details public. The route has become increasingly popular among startups and technology companies that want to keep their options open ahead of listing.
The approval comes as several technology companies evaluate public listings in India’s primary market. Razorpay’s plans also contrast with those of rival PhonePe, which has reportedly put its own IPO on hold amid geopolitical tensions in West Asia and increased market volatility.
From payments to business banking
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has expanded beyond its core payments business to offer payment acceptance, banking, payouts, payroll, and lending. Its platform allows businesses to manage collections, vendor payments, payroll, cash flow, and access to credit through a single interface, combining services that companies would otherwise source from several providers.
The company serves millions of businesses in India, from startups and small and medium-sized enterprises to large corporations. Razorpay became a unicorn in 2020, and its investors include Y Combinator, Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital, and TCV.
