Razorpay reportedly receives Sebi approval for IPO

Razorpay has reportedly received approval from India’s securities regulator, Sebi, for its proposed initial public offering. The company is targeting a listing as early as the first quarter of 2027.

Valuation and offering size

An industry source says Razorpay is aiming for a valuation of around USD 5 billion. The company has not disclosed the size of the offering, but people familiar with the matter estimate it at INR 50 billion to INR 60 billion, or about USD 565 million to USD 680 million. The final issue size, valuation and listing date will depend on regulatory requirements and market conditions.

Confidential filing route

Razorpay submitted draft IPO documents in June 2026 through the confidential pre-filing route. This allows companies to send draft offer documents to Sebi for review without immediately disclosing commercially sensitive details. Startups and technology companies are increasingly using the route to retain flexibility ahead of a potential listing.

Razorpay’s plans come as several technology companies consider listings on India’s primary market. Rival PhonePe is taking a different approach: it has reportedly put its IPO plans on hold amid geopolitical tensions in West Asia and increased market volatility.

From payments to business services

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has expanded beyond its core payments business. Its services now include payment acceptance, banking, payouts, payroll and lending. The platform gives businesses a single interface to manage collections, vendor payments, payroll, cash flow and access to credit.

It brings together services that companies might otherwise source from several providers. Razorpay serves millions of businesses in India, from startups and small and medium-sized enterprises to large corporations. The company became a unicorn in 2020. Its investors include Y Combinator, Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV.