Razorpay to redomicile to India by FY25, targets domestic IPO within two years
Payments fintech Razorpay plans to shift its domicile back to India by FY25 and pursue a domestic listing within two years after turning profitable across verticals. Its rails process $150B annualised payments serving D2C brands, retail chains and merchants, with 60% POS growth in FY23.
What happened
Fintech Razorpay plans to shift domicile back to India by FY25 and target a domestic IPO within two years after turning profitable across verticals. Its India
Key facts
- $150 billion annualised payment value
- $741.5 million raised
- $375 million 2021 round
- $7.5 billion valuation
- 10,000 merchants onboarded
- 60% POS growth FY23
- 70% revenue from online business
Why this matters
Razorpay's pre-IPO redomicile window is the moment to lock in partnerships or acquisition conversations before public-market scrutiny narrows its flexibility.
What to watch
- Formal NCLT/board approval of India redomicile
- RBI payment aggregator license renewals and any new compliance conditions
- FY24/FY25 audited profitability across all verticals
- DRHP filing or banker mandate announcements
- Comparable fintech IPO performance (PhonePe, Pine Labs, Groww) setting valuation benchmarks
- MDR/regulatory pricing changes affecting payment margins
- Confirm reverse-flip structure and book the one-time tax/merger cost in investor communications
- Lock in vertical-level profitability disclosures to support IPO narrative
- Engage merchant base early to retain $150B annualised volume through domicile transition
- Appoint bankers and begin pre-IPO governance/board upgrades
- Push POS hardware momentum to diversify beyond online payment rails