MUMBAI: Fintech unicorn Razorpay has filed its draft initial public offering (IPO) papers with the Securities and Exchange Board of India (Sebi) through the confidential route, according to sources familiar with the matter. The move aligns with a growing trend among startups like Zepto and Prism, which are also heading to Dalal Street for public listings.
IPO Details and Valuation
The Y Combinator and Peak XV Partners-backed company is seeking to raise up to Rs 6,000 crore through the IPO, sources said. The final issue size and timing of the launch will depend on market conditions. Razorpay declined to comment on the development. The company was last valued at $7.5 billion.
Domicile Shift and Regulatory Compliance
Razorpay, which competes with players such as Cashfree Payments and PayU in India, shifted its domicile from the United States to India in May last year. Startups aiming to list in India have increasingly moved their bases to comply better with local regulations and capitalize on the growth derived from the domestic market.
Market Context
Razorpay is proceeding with its IPO plans at a time when larger fintech peer PhonePe has paused its listing due to war-led market volatility. The confidential filing route allows companies to keep their financial details private initially, reducing public scrutiny during the early stages of the process.
Razorpay's IPO is expected to be one of the most anticipated listings in the Indian fintech space, given its strong market position and investor backing. The company provides payment solutions to businesses and has expanded into lending and other financial services.
