Razorpay to Confidentially File for Indian IPO, Targeting $600M–$700M Raise

Gate News message, April 20 — Razorpay, India’s leading payment aggregator, plans to confidentially file for an IPO with India’s market regulator within weeks, targeting a capital raise of $600 million to $700 million at a valuation of $5 billion to $6 billion.

The target valuation falls below Razorpay’s $7.5 billion peak from more than four years ago. For fiscal year 2025, the company reported revenue of 37.8 billion Indian rupees ($407 million) and a net loss of 12.1 billion rupees ($130 million). Razorpay shifted its domicile to India in May 2025 at a tax cost of approximately $150 million and has obtained board approval to become a public limited company, both prerequisites for listing. Public market investors in India have grown more cautious regarding loss-making startups and slower growth in the digital payments sector.

Razorpay holds a cross-border payment aggregator license from India’s Reserve Bank of India (RBI), enabling it to handle inward and outward cross-border payments under RBI supervision. The company serves international merchants including Agoda, Airbnb, Klook, Hostinger, and Shopify, offering payment options such as RuPay, India’s domestic card network, Unified Payments Interface (UPI), equated monthly installment plans, and net banking.