The initial public offering (IPO) filed confidentially from Razorpay could bring forth new funding opportunities for India’s wider fintech market.
India-based payments company Razorpay is planning a $600m initial public offering (IPO) for later this year.
The company confidentially filed for its IPO in India today (15 June) which will not be made public until the official launch, according to a report from Reuters.
Razorpay, based in Bengaluru, has received funding from Sequoia India, Alkeon Capital and GIC, Singapore’s sovereign wealth fund. JP Morgan, Citi, Axis Capital and Kotak Mahindra Capital are among some of the banks advising the payments firm on the IPO.
A financial and payment infrastructure provider, Razorpay reached unicorn status in October 2020 following a $100m funding round led by Sequoia India and GIC.
Razorpay’s valuation reached $7.5bn in December 2021 after a $375m funding round, though it is unclear what the company’s worth is projected to be when it launches its IPO later this year.
A notable example of a payment company publicly listing on Indian markets is One 97 Communications, the parent company of Paytm. At the time, it was the largest IPO for a payments company when it raised $2.5bn in November 2021, and third-highest of all-time on the National Stock Exchange of India and the Bombay Stock Exchange.
While it remains unclear which stock exchange Razorpay will select for its IPO, the National Stock Exchange and the Bombay Stock Exchange will, as India’s largest exchanges, be considered the two most likely.
PhonePe, an India-based payment and financial infrastructure company, had plans for an IPO earlier this year, but opted to pause the public listing due to geopolitical tensions arising in the Middle East.
About Razorpay
Founded in 2014, Razorpay is a fintech company which provides payment and financial technology infrastructure to businesses to perform digital payments.
Razorpay provides the technology to allow businesses, such as online merchants, to process, accept and disburse payments such as India’s real-time account-to-account payment network, Unified Payments Interface (UPI), as well as digital wallets.
The company acts as a payment gateway to process both domestic and international payments by enabling acceptance on behalf of the business. Razorpay also supports automated payouts, employee reimbursements and payments for vendors.
Over the last several years, Razorpay has integrated value-added services, such as subscription payments and automated equated monthly instalment deductions.
India’s fintech market
Razorpay joins the likes of Paytm as a publicly traded company, and comes as India’s fintech market has witnessed substantial growth over the past several years.
While UPI underpins India’s financial technology growth as one of the most popular domestic payment methods in the world, adoptions in AI and digital lending have diversified the country’s fintech sector.
However, much like other global markets including the UK, funding has taken a hit since reaching peak levels in 2021, where $3.1bn was invested in the first half of 2021, compared to the $1.5bn invested in the same time period in 2025.
According to findings from a KPMG report, investors are becoming more cautious in funding Indian fintech companies. Investors are, however, placing more confidence in more mature companies and industries, such as payments and lending, two key components of Razorpay’s offerings.
