Razorpay Files Pre-DRHP with SEBI, Targets $600 Million IPO

Digital payments unicorn Razorpay announced through a newspaper advertisement that the company has submitted its pre-filed Draft Red Herring Prospectus (DRHP) to SEBI and the stock exchanges.

The company is bengaluru based and plans to raise around $600 million through its IPO, according to media reports. The share sale is likely to include both new shares issued by the company and shares sold by existing investors, though the final details have not been announced yet.

According to media reports, Razorpay has appointed Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi as advisors to manage its proposed IPO.

Razorpay was valued at $7.5 billion in 2021 when it raised $375 million. Since then, the company has taken many steps to prepare for it’s stock market listing, which included becoming a public limited company in April 2025 and shifting its parent entity back to India later that year. The move reportedly involved a tax payment of about $150 million.

Recently, Razorpay acquired a majority stake in POP UPI in a deal worth about $30 million and also received a cross-border payment aggregator licence from the Reserve Bank of India (RBI), which strengthened its payments business.

Razorpay was founded by Harshil Mathur and Shashank Kumar and has raised more than $741 million from leading investors such as GIC, Peak XV Partners, Z47 (formerly Matrix Partners India), and Tiger Global.

In FY25, Razorpay’s operating revenue rose 65% year-on-year to Rs 3,783 crore, while gross profit increased 41% to Rs 1,277 crore. However, the company reported a net loss of Rs 1,209 crore, mainly due to ESOP-related expenses and one-time costs linked to its shift of domicile to India. Razorpay did not respond to Entrackr’s query on the matter.