Razorpay files confidential DRHP for ~$600M IPO at expected premium to 2021's $7.5B mark
Bengaluru-based payments major Razorpay submitted a confidential DRHP to SEBI targeting roughly $600M, post a reverse-flip to India that cost ~$150M in taxes. FY25 revenue rose 65% to Rs 3,783 Cr with gross profit up 41% to Rs 1,277 Cr, though Rs 1,209 Cr in ESOP charges weighed on the bottom line. Axis, Kotak, JPM and Citi are bookrunners.
What happened
Razorpay filed a confidential DRHP with SEBI for a roughly $600 million IPO, having reverse-flipped to India and grown FY25 revenue 65% to Rs 3,783 crore
Key facts
- $600 million IPO
- $7.5 billion valuation (2021)
- $375 million raised
- $150 million taxes
- $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 expenses
Why this matters
The reverse-flip-to-India playbook with tier-one bookrunners (Axis, Kotak, JPM, Citi) sets a template for other offshore-domiciled fintechs eyeing SEBI listings, reshaping the M&A and capital-stack calculus across the sector.