Leading Indian fintech company Razorpay has started preparing for a much-awaited initial public offering (IPO), indicating the start of its next significant phase of expansion. Four top investment banks have been picked by the Bengaluru-based payments and banking platform to help it navigate the public offering process, which is anticipated to generate over $700 million, according to industry sources.
Since its founding in 2014, Razorpay has grown to become one of India’s most significant fintech companies, providing businesses with omnichannel payment and banking solutions. It is anticipated that the company’s prospective IPO will further boost India’s flourishing fintech sector, which has attracted more attention from investors and the general public in recent years.
Credits: Entrackr
Four Investment Banks Roped In for IPO Planning
Sources familiar with the matter revealed that Razorpay has selected Axis Capital, Kotak Mahindra Capital, J.P. Morgan, and Citi to form its IPO syndicate.
The offering is expected to include a mix of primary and secondary share issuances. While the primary component will help Razorpay raise fresh capital for expansion, the secondary portion will likely allow existing investors to partially exit or dilute their stakes. Industry insiders suggest that the syndicate could expand further as the IPO process progresses.
Although Razorpay has declined to comment officially, sources suggest that early discussions indicate the offering could surpass $700 million, making it one of the most significant fintech IPOs in India.
Strong Financial Backing and Growth Trajectory
Over the years, Razorpay has garnered significant investor confidence. Global investment behemoths like Tiger Global Management, Peak XV Partners, and GIC support the enterprise.
As of June 2025, Razorpay had raised about $742 million in 11 fundraising rounds, according to data from Tracxn, and had a $9.2 billion post-money valuation. With revenue of ₹3,900 crore for the fiscal year that ended on March 31, 2025, the company has demonstrated outstanding financial achievement as well.
Harshil Mathur and Shashank Kumar, both graduates of IIT Roorkee, founded Razorpay, which has gradually grown its range of products. It is now a complete financial infrastructure provider, allowing companies to take payments using digital wallets, UPI, net banking, debit cards, and credit cards.
Strategic Expansion into Consumer Payments and Cross-Border Transactions
With recent regulatory clearances and focused investments, Razorpay has improved its strategic positioning. The business invested about $30 million in POP, a consumer payments platform, in June 2025. Razorpay’s increasing desire to enter India’s quickly rising UPI-driven consumer payments sector is shown in this action.
In December, the Reserve Bank of India also granted the business a Payment Aggregator-Cross Border (PA-CB) license. By facilitating both inward and outbound cross-border payment transactions, Razorpay is able to expand its foreign income streams and improve its competitive positioning.
Intensifying Competition in the Fintech Payments Space
Razorpay operates in a fiercely competitive fintech landscape, facing competition from global and domestic players such as PayU, Adyen, and Stripe. Despite this, Razorpay’s strong merchant ecosystem, diversified product portfolio, and rapid innovation have helped it maintain a dominant market presence.
IPO activity is also on the rise in India’s larger fintech industry. Companies that have already entered the public market include Groww, Pine Labs, and One Mobikwik Systems. Following regulatory approvals, PhonePe and Turtlemint are getting ready for their own initial public offerings.
It’s interesting to note that One97 Communications, the company behind the Paytm brand, has had a nearly 50% increase in share price in the last 12 months, which has increased investor confidence in fintech listings.
Credits: Entrackr
A Defining Moment for India’s Fintech Industry
The anticipated IPO of Razorpay is a significant turning point in the development of fintech in India and goes beyond simple fundraising. Companies like Razorpay are increasingly essential to India’s financial infrastructure as a result of growing UPI penetration, growing digital use, and a flourishing startup ecosystem.
If the IPO goes well, it might strengthen Razorpay’s position as a pioneer in digital payments while giving early investors liquidity and funding for international growth. Razorpay’s public IPO is anticipated to be widely monitored by investors, startups, and industry stakeholders alike as India’s fintech sector continues to develop.
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