Bengaluru-based fintech Razorpay has secured shareholder approval for a fresh issue of INR 2,700 crore. However, the total IPO size is expected to be significantly larger; some reports indicate that it could be in the range of USD 600 – 700 million (~INR 4,500 – 6,000 crore). Razorpay IPO approval, documented in recent filings with the Registrar of Companies (RoC), marks the final regulatory hurdle before the fintech unicorn submits its DRHP to the Securities and Exchange Board of India (SEBI).

Razorpay Shareholder Nod for IPO: Details

As Razorpay marches toward the markets, FY25 performance paints a picture of aggressive scaling tempered by the high costs of corporate restructuring.

• Top-line Surge: Revenue from operations jumped 65% to INR 3,783 crore in FY25, up from INR 2,296 crore in FY24.
• Razorpay reported a consolidated net loss of INR 1,209 crore. However, analysts are quick to note that much of this red ink is attributed to one-time expenses, including the USD 150 million (~INR 1,250 crore) tax hit incurred during its “reverse flip” from the US to India in May 2025.

In a climate where public market investors have grown wary of high-burn startups, Razorpay is reportedly opting for the confidential filing route. This allows the company to engage with SEBI privately, shielding its sensitive financial data from public scrutiny until the listing plans are finalised.

The most significant talking point for the Street is the expected valuation. While Razorpay hit a peak private valuation of USD 7.5 billion in late 2021, the IPO is expected to be priced between USD 5 and USD 6 billion.

To navigate this transition, Razorpay has assembled a heavyweight roster of book-running lead managers (BRLMs), including:

• Axis Capital
• Citigroup
• Goldman Sachs
• JP Morgan
• Kotak Mahindra Capital

Razorpay IPO: Key Developments

To justify its valuation ask, Razorpay is shifting from being a pure-play payment gateway to an AI-first financial ecosystem. Key recent developments include:

• Agentic Payments: Partnerships with OpenAI and Sarvam AI to facilitate voice-driven, PIN-less transactions.
• Merchant Intelligence: The launch of Agent Studio, an AI platform designed to recover failed subscriptions and re-engage customers autonomously.
• Consumer Push: The USD 30 million investment in POP, signaling a strategic entry into the hyper-competitive consumer UPI space.

Bottomline: Pine Labs is the most recently listed peer of Razorpay, however Pine Labs IPO which got listed in November 2025 with a 14% premium to the issue price. Currently, it is trading ~10% from the issue price of INR 221 per share.

D-Street is watching closely as Razorpay prepares to transition into a public limited company. The success of this IPO will likely serve as a bellwether for India’s next wave of fintech listings, including the likes of Pine Labs and Groww.

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.