Indian fintech Razorpay has confidentially filed draft papers for an initial public offering likely sized at around $600 million, a source aware of the matter told Reuters on Monday.
The confidential route allows IPO-bound firms to keep their filings private until the launch of the public issue.
The Bengaluru-based firm, backed by investors such as Y Combinator, Lightspeed and Singapore’s sovereign wealth fund GIC, is targeting its stock market debut by the end of 2026, the source added.
The source requested anonymity as these details are confidential.
Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital are the bankers advising on the deal.
Razorpay didn’t respond to Reuters’ queries on Monday. Mails to Axis Capital, JP Morgan, Citi and Kotak Mahindra Capital also did not elicit a response.
About Razorpay
Razorpay, founded in 2014, provides technology that enables businesses to accept and process online payments through channels including cards, net banking, Unified Payments Interface (UPI) and digital wallets, earning revenue by charging merchants transaction fees.
Beyond its core payments gateway business, the company has also been expanding its offerings in payroll management and merchant lending services. Razorpay competes with fintechs such as Paytm, Walmart-backed PhonePe, Cashfree and BillDesk in India’s burgeoning digital payments ecosystem.
Valuation check
Reuters could not determine the valuation being targeted by Razorpay for its IPO. The firm was valued at about $7.5 billion in its latest major fundraise in 2021, when it raised $375 million.
Paytm’s market capitalisation stood at 718.5 billion rupees ($7.60 billion) as of last close, while PhonePe temporarily paused its much-anticipated IPO citing geopolitical tensions and volatility in global capital markets.
India’s markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran. In 2025, it was the world’s second-largest IPO market after the U.S., with 367 listings raising $21.8 billion, according to LSEG data.
