Razorpay Files Confidentially for $600 Million IPO, Targets Market Debut by End-2026
Indian fintech company Razorpay has confidentially submitted draft papers for an initial public offering (IPO) that is expected to raise around $600 million, according to a source familiar with the matter. The confidential filing route allows companies to keep regulatory documents private until they are ready to launch the public issue. The Bengaluru-based payments firm is reportedly aiming to list on the stock market by the end of 2026.
Founded in 2014, Razorpay offers digital payment solutions that help businesses accept transactions through cards, net banking, UPI, and digital wallets. The company has also expanded into payroll management and merchant lending, strengthening its position in India’s rapidly growing fintech sector. It competes with major players including Paytm, PhonePe, Cashfree, and BillDesk.
The IPO is being advised by Axis Capital, JPMorgan, Citi, and Kotak Mahindra Capital. While the company’s target valuation remains undisclosed, Razorpay was last valued at approximately $7.5 billion during its 2021 funding round, when it raised $375 million. The development comes as India’s fintech sector continues to attract investor interest despite recent market volatility.
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