Razorpay files confidential pre-DRHP for $500-600M IPO at $5-6B valuation
Razorpay has kickstarted its India IPO process with a confidential SEBI filing, targeting a 2026 listing at $5-6 billion valuation. The deal includes a ₹2,700 crore fresh issue. FY25 revenue grew 65% YoY to ₹3,783 crore, though net loss widened to ₹1,209 crore. Axis Capital, Kotak, JPMorgan and Citi are managing the issue.
What happened
Razorpay filed a confidential pre-DRHP with SEBI for a 2026 IPO targeting $500-600M at $5-6B valuation, including ₹2,700 crore fresh issue. FY25 revenue grew
Key facts
- ₹2,700 crore fresh issue
- $500-600 million IPO size
- $5-6 billion valuation
- FY25 revenue ₹3,783 crore (+65% YoY)
- Gross profit ₹1,277 crore
- Net loss ₹1,209 crore
Why this matters
Razorpay's confidential filing signals fintech IPO window reopening in India—watch for comparable payment players (PhonePe, Pine Labs) to accelerate listing timelines and reset M&A benchmarks.