Razorpay confidentially files DRHP for ~$600M IPO; FY25 revenue jumps 65% to Rs 3,783 cr
Razorpay submitted a pre-filed DRHP with SEBI targeting a ~$600M IPO, with Axis Capital, Kotak, JP Morgan and Citi as bankers. FY25 revenue grew 65% to Rs 3,783 cr and gross profit rose 41% to Rs 1,277 cr, though Rs 1,209 cr ESOP expense and a $150M redomicile tax weighed on the bottom line.
What happened
Razorpay confidentially filed its pre-filed DRHP with SEBI for a ~$600M IPO, with Axis, Kotak, JP Morgan and Citi as bankers. FY25 revenue rose 65% to Rs 3,783
Key facts
- $600 million IPO target
- $7.5 billion 2021 valuation
- $375 million raised in 2021
- $150 million redomicile tax
- $30 million POP UPI deal
- $741 million total raised
- Rs 3,783 crore FY25 revenue (+65%)
- Rs 1,277 crore gross profit (+41%)
- Rs 1,209 crore ESOP expense
Why this matters
Razorpay's DRHP filing sets a public-market benchmark for Indian fintech valuations and may accelerate consolidation timelines for rival payment processors and lending-adjacent acquirers.