Razorpay files confidential DRHP for $500-600M IPO at $7.5B valuation
Payments major Razorpay filed confidential papers with SEBI for a $500-600 million IPO via fresh issue and OFS, post reverse-flip to India. FY25 revenue grew 65% to Rs 3,783 crore, though net loss widened to Rs 1,209 crore on ESOP and redomiciling charges.
What happened
Razorpay filed a confidential DRHP with SEBI for a $500-600 million IPO via fresh issue and OFS, post reverse-flip to India. FY25 revenue rose 65% to Rs 3,783
Key facts
- $500-600 million IPO
- $7.5 billion valuation
- $741 million raised
- Rs 3,783 crore FY25 revenue
- 65% YoY revenue growth
- Rs 1,277 crore gross profit
- Rs 1,209 crore net loss
- $150 million tax outgo
- $30 million POP UPI deal
Why this matters
Razorpay's confidential DRHP filing signals imminent liquidity for early backers and reshapes India's payments M&A landscape, pressuring rivals like PhonePe and Pine Labs to accelerate their own listings.