Indian fintech firm Razorpay has confidentially submitted draft papers for an initial public offering expected to raise around US$600 million, according to a source familiar with the matter.
The Bengaluru-based company is aiming for a stock market debut by the end of 2026, the source said, adding that the confidential route allows companies to keep filing details private until the public issue is launched.
Founded in 2014, Razorpay provides payment infrastructure that enables merchants to process transactions through cards, net banking, Unified Payments Interface (UPI) and digital wallets. It has since expanded into payroll management and merchant lending services.
The company competes with players including Paytm, Walmart-backed PhonePe, Cashfree and BillDesk in India’s fast-growing digital payments market.
Razorpay is backed by investors such as Y Combinator, Lightspeed and Singapore sovereign wealth fund GIC. Reuters could not determine the valuation being sought for the listing. The company was last valued at about US$7.5 billion after raising US$375 million in 2021.
Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital are advising on the proposed offering. Razorpay and the banks did not immediately respond to Reuters’ requests for comment.
PhonePe, another major Indian fintech player, recently put its IPO plans on hold due to geopolitical tensions and volatility in global capital markets.
Despite recent uncertainty linked to the US-Israeli conflict with Iran, India remained the world’s second-largest IPO market in 2025 after the United States. According to LSEG data, 367 companies went public last year, raising US$21.8 billion.
Reuters
