Razorpay clears SEBI review for an IPO that could raise ₹5,000-6,000 crore

SEBI has issued its observations on Razorpay's confidential draft IPO papers, clearing the Indian payments company to go ahead with a listing. The observations are dated 3 November and appeared in SEBI's weekly processing status published on 13 November.

Razorpay filed through the confidential route in June and has not disclosed the issue size. Reports put it at ₹5,000-6,000 crore, about $530-630 million, at a valuation of around $5 billion, below the $7.5 billion of its 2021 round. A listing is expected between January and March 2027, through a fresh issue and an offer for sale.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers payment acceptance, payouts, payroll and merchant lending. Operating revenue rose 65% to ₹3,783 crore in FY25. Investors include Y Combinator, Tiger Global, Ribbit Capital, Lightspeed, Peak XV and GIC.