Razorpay files confidential DRHP for $500-600M IPO after India domicile shift
Bengaluru-based payments unicorn Razorpay has confidentially filed its DRHP with SEBI, targeting a $500-600 million (Rs 5,500-6,000 crore) IPO. FY25 revenue rose 65% YoY to Rs 3,783 crore with gross profit of Rs 1,277 crore, though net loss widened to Rs 1,209 crore on ESOP and reverse-flip costs.
What happened
Razorpay confidentially filed DRHP with SEBI for an IPO targeting $500-600 million. FY25 revenue grew 65% to Rs 3,783 crore; net loss Rs 1,209 crore from ESOP
Key facts
- $500-600 million
- Rs 5,500-6,000 crore
- Revenue Rs 3,783 crore FY25
- 65% YoY growth
- Gross profit Rs 1,277 crore
- Net loss Rs 1,209 crore
Why this matters
Razorpay's confidential DRHP filing post reverse-flip sets a precedent for Indian fintech IPO readiness, opening strategic windows for partnerships, secondary stake acquisitions, or competitive M&A before listing locks in valuation.