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Key Takeaways
Razorpay has confidentially filed its IPO papers with SEBI. The Bengaluru-based fintech wants to raise $600 million to $700 million through this public issue. The expected valuation sits between $5 billion and $6 billion. Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi are managing the deal.
The issue will have two parts. One is a fresh issue of shares. The other is an Offer for Sale (OFS). Both parts are expected to contribute roughly equally. Razorpay was last valued at $7.5 billion in 2021. This IPO would bring that number down by close to 30%.
Razorpay handles transactions worth over 10 million companies in India. A public offering on the stock market will expose Razorpay's finances. This might pressure the company to become more responsible to smaller merchants that utilise its services on a daily basis.
The operational income was increased to ₹3,783 crore for the year ending on FY25 from ₹2,296 crore in FY24. The company, however, made a net loss of ₹1,209 crore. Most of that loss was due to the costs of relocating from the US to India in May 2025. That move alone cost around $150 million in taxes.
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Abhishek Jain, head of research at Arihant Capital Markets, told Business Standard that the confidential route gives companies up to 18 months to time their listing. That is six months more than the standard public filing window. “It allows companies to protect sensitive data like margins, client information, and strategy,” he said.
Shashank Kumar, Razorpay’s co-founder and MD, was more circumspect. In a March 2026 interview with Business Standard, he said, “The current geopolitical uncertainty has created volatility in markets. It is difficult to give a timeline because of that.” A listing before December 2026 is possible, but nothing is confirmed yet.
According to a LoansJagat analysis, Razorpay processes 1 billion transactions every quarter across 80 lakh businesses. It handles one-sixth of India’s total digital commerce. While the gross profit margin was ₹1,277 crore, it can be seen that the company is still making a net loss of ₹1,209 crore. Retail investors should watch the OFS component closely before putting money in.
Razorpay’s SEBI filing puts it firmly in the IPO queue for 2026. Revenue is up. The domicile shift to India is done. What remains is SEBI clearance and a market window that cooperates. If it lists at the expected $5 to $6 billion valuation, it will be one of the bigger fintech debuts India has seen in recent years.
How did Razorpay file its IPO papers with SEBI without making financials public?
A company submits its draft IPO papers without publicly disclosing financials or business details under SEBI’s confidential pre-filing route. It takes up to 18 months to time its listing. Razorpay used this route to protect sensitive data like margins and client information.
How much is Razorpay looking to raise through its confidential SEBI IPO filing?
Yes. Razorpay has confidentially submitted its IPO papers to SEBI. The payment gateway seeks to raise $600 million to $700 million, equivalent to approximately 5,000 to 5,900 crore. The issue would be led by Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi.
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