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Exclusive: Razorpay invites banker pitches for IPO; targets Rs 4,500 crore fundraise
Digital payments startup Razorpay has started preparations for an initial public offering (IPO) for raising up to Rs 4,500 crore in fresh capital, said people aware of the matter.
The company has invited merchant bankers to submit bids for the IPO mandate, one of the persons said, adding Kotak Mahindra and Axis Capital are frontrunners for the underwriter role.
The public issue could be launched towards the year-end though the final timeline and IPO size are subject to changes, the people said.
The Bengaluru-based company, which counts Singapore's GIC, Peak XV Partners, Z47 (formerly Matrix Partners India), and Tiger Global among its backers, was last valued at $7.5 billion when it raised $375 million during the startup funding boom period of 2021.
A second person said Razorpay has been in talks for a pre-IPO round, mainly comprising a secondary transaction, for achieving a valuation benchmark.
“Razorpay is well capitalised and is not looking to immediately raise any primary capital from the private markets,” the person said.
Founders Harshil Mathur and Shashank Kumar hold a significant stake in Razorpay, while VC firm Peak XV, which first backed the startup in 2019, is the largest institutional investor.
The company was one of the major beneficiaries of the pandemic-induced acceleration in digital payments with most of its merchant customers reaping rapid gains during the period.
Razorpay will follow stockbroking startup Groww and payments firm Pine Labs which went public last year.
Razorpay completed its reverse flip in May last year by shifting its headquarters back to India from the US. It is among a growing tally of Indian startups returning from overseas jurisdictions such as the US and Singapore ahead of potential public listings. Razorpay paid about $150 million in tax for the reverse flip.
Last April, Razorpay secured board approval for converting into a public limited company, marking another milestone towards a future listing on the Indian bourses. It has raised $742 million in funding so far, as per Tracxn.
Razorpay did not respond to ET's queries.
Razorpay reported a 65% surge in consolidated revenue in FY25 at Rs 3,783 crore. The business growth was primarily driven by its payment gateway, point-of-sale (POS) offerings, loyalty programmes, business banking platform RazorpayX, and international operations.
Gross profit jumped 41% to Rs 1,277 crore. However, the company incurred a net loss following employee stock ownership expenses of Rs 1,209 crore, mainly due to restructuring costs and tax payments linked to its redomiciling to India.
Razorpay joins a growing list of new-age firms planning to go public over the next 12-18 months. This includes payments major PhonePe, quick commerce platform Zepto, hospitality startup Oyo, and B2B ecommerce marketplace Infra.Market. ET reported on January 6 that startups are planning to raise more than Rs 50,000 crore from the public markets across fresh capital and secondary sales in 2026.
Source: EconomicTimes
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