Razorpay files confidential IPO papers with SEBI; issue may raise up to $600 million – Firstpost

Fintech unicorn Razorpay confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), Moneycontrol reported, making Razorpay one of the latest new-age technology firms to utilise SEBI’s confidential pre-filing route, which allows companies to submit draft offer documents without immediately disclosing sensitive financial and business details to the public.

According to the report, the proposed IPO is expected to raise between $500 million and $600 million, although the final size could vary depending on market conditions and investor demand.

Confidential route gains traction

The confidential filing mechanism has gained popularity among Indian startups preparing for public listings as it gives companies greater flexibility during the regulatory review process while shielding commercially sensitive information from competitors.

The report said that the Bengaluru-based company has already submitted its draft documents to the market regulator.

Moneycontrol had previously reported that Razorpay appointed Axis Capital, Kotak Mahindra Capital, JPMorgan and Citi as bankers for the proposed share sale.

From startup to fintech heavyweight

Founded in 2014 by IIT Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay has emerged as one of India’s largest fintech platforms, offering payment processing, banking and financial infrastructure solutions for businesses.

The company enables merchants to accept payments through a range of methods, including credit and debit cards, Unified Payments Interface (UPI), net banking, digital wallets and buy-now-pay-later services. Revenue is primarily generated through transaction fees charged to merchants.

Backed by prominent investors including GIC, Peak XV Partners, Tiger Global, Lightspeed and Y Combinator, Razorpay has expanded beyond its core payment gateway business into banking services, payroll management and international payments.

Reverse flip clears path for listing

The confidential filing comes just months after Razorpay completed its much-anticipated reverse flip process in May 2025, shifting its parent company’s domicile from the United States to India.

The restructuring involved merging the US-registered parent entity with Razorpay Software India, effectively bringing the group’s operations under Indian jurisdiction. The company initiated the process in May 2023 as part of preparations for an eventual listing on Indian stock exchanges.

Speaking to Moneycontrol in February 2024, co-founder and chief executive officer Harshil Mathur had said the company intended to pursue an IPO after completing the reverse flip and relocating its domicile to India.