Razorpay's proposed initial public offering has moved closer after India's Securities and Exchange Board (SEBI) issued its observations on the fintech company's confidential filing, Reuters reported on 13 November 2026. The Bengaluru-based payments business is considering a public issue that industry reporting places at roughly ₹5,000–6,000 crore and a valuation near $5 billion, with the first quarter of 2027 discussed as a possible listing period. None of those reported figures is a final offer price, issue size or confirmed timetable. 1 2
The regulatory milestone follows a confidential pre-filing submitted in June. SEBI's public processing list dated 9 November had still identified Razorpay Software Limited among applications awaiting observations, with Axis Capital named as coordinating lead manager and a 13 June receipt date. The list was an earlier snapshot; it does not negate the subsequent approval reported by Reuters. Under the confidential route, detailed financial disclosures need not be public at the first stage, which also means that much of the current market discussion rests on reported expectations rather than a final prospectus. 3 1
What is known about the offer
A shareholder notice for the company's April 27 extraordinary general meeting proposed authorising fresh equity shares aggregating up to ₹27,000 million, equivalent to ₹2,700 crore, alongside a potential offer for sale by existing shareholders. The company said the final structure would be decided by the board. The fresh-issue ceiling is therefore not the same as the reported ₹5,000–6,000 crore overall transaction: a fresh issue raises cash for Razorpay, while an offer for sale transfers money to investors selling their own shares. 4
Moneycontrol reported on 4 November that Razorpay was considering an offering of more than $500–600 million at a valuation of about $5 billion, with Axis Capital, Kotak Mahindra Capital, JPMorgan and Citi advising on the process. The proposed valuation would be about one-third below the roughly $7.5 billion ascribed to Razorpay in its 2021 private funding round. Comparing those valuations does not, by itself, establish a reduction in the company's sales, nor a realised loss for investors. Pricing will depend on the company's financial results, the number of shares offered and investor demand when the transaction is launched. 2 5
Growth and profitability
Razorpay's FY25 consolidated revenue rose 65% to ₹3,783 crore from ₹2,296 crore in FY24, according to financial figures reported by Moneycontrol. Gross profit increased to ₹1,277 crore from ₹906 crore, while the company recorded a net loss of ₹1,209 crore, which it principally attributed to employee-stock-option expenses and tax-related costs associated with moving its corporate domicile to India. Investors will need the more recent financial statements and details of recurring operating performance to judge how much of that loss reflects exceptional restructuring rather than the underlying economics of its businesses. 2
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has expanded from online payment acceptance into payouts, merchant-facing financial software, payroll and cross-border services. The company completed its move from a US parent structure to India in May 2025, an important step towards a domestic listing. Razorpay's own public notice states that the Reserve Bank of India approved the transfer of its payment-aggregation business to Razorpay Payments Private Limited in October 2025, with effect from January 1, 2026. That distinction between the proposed listed entity and the entity carrying out regulated payment aggregation will matter when the offer documents describe the group. 2 6
Razorpay also announced on 3 November that it had obtained a final International Financial Services Centres Authority payment-service-provider licence for GIFT City. The announcement establishes regulatory authorisation for an additional cross-border payments business, not the revenue that activity may eventually generate. The updated prospectus should make it possible to assess revenue mix, cash generation, shareholder sales and any risks created by regulation or competition. Until the company publishes final offer documents, the price band, retail lot size, subscription dates and listing day remain open questions. 7 1