Razorpay confidentially files for $600M IPO, eyes late-2026 listing at Paytm-rivaling scale
Bengaluru payments major Razorpay has confidentially submitted draft papers for a roughly $600 million IPO, targeting a listing by end-2026. Last valued at $7.5B in 2021, it is advised by Axis Capital, JPMorgan, Citi and Kotak as it lines up against listed peer Paytm ($7.60B m-cap) and rivals PhonePe, Cashfree and BillDesk.
What happened
Razorpay confidentially filed draft IPO papers targeting roughly $600 million, eyeing a late-2026 listing. The Bengaluru payments firm, last valued at $7.5
Key facts
- $600 million IPO size
- $7.5 billion 2021 valuation
- $375 million 2021 raise
- Paytm m-cap $7.60 billion
Why this matters
The Axis-JPM-Citi-Kotak syndicate and confidential filing suggest Razorpay is locking in anchor capital early—watch for pre-IPO tuck-ins in lending, B2B SaaS or cross-border payments to sharpen the equity narrative.