Razorpay files confidential DRHP for IPO; issue size likely at ₹5,000-6,000 crore

Fintech major Razorpay has confidentially filed draft papers with the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO), joining a growing list of new-age technology companies preparing to tap the public markets.

In a public notice issued on Monday, the company said it has submitted a pre-filed Draft Red Herring Prospectus (DRHP) with Sebi and the stock exchanges under the confidential filing route for the proposed listing of its equity shares on the domestic bourses.

While Razorpay did not disclose the size of the proposed offering, people familiar with the matter said the IPO is expected to be in the range of ₹5,000-6,000 crore. The final issue size, valuation and timing of the public issue will depend on regulatory approvals, market conditions and other factors.

The confidential filing mechanism allows companies to submit draft offer documents to the market regulator for review without immediately making commercially sensitive information public. The route has gained popularity among startups and technology companies seeking greater flexibility in planning their market debut.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has emerged as one of India's leading full-stack financial solutions providers. The Bengaluru-headquartered company offers a wide range of services, including payment acceptance, banking, payouts, payroll, lending and other financial products through an integrated platform.

Over the years, Razorpay has expanded beyond its core payments business to build a broader financial ecosystem for enterprises. Its platform enables businesses to manage collections, vendor payments, payroll processing, cash flows and access to capital through a single interface.

The company serves millions of businesses across India, ranging from startups and small and medium enterprises (SMEs) to large corporates. Razorpay attained unicorn status in 2020 and has since been among the country's most closely watched fintech firms.

The company counts several prominent global investors among its backers, including Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV.

Razorpay's filing comes amid renewed momentum in India's primary market, with several technology-led companies exploring listing opportunities. The move also follows reports that rival fintech company PhonePe has paused its IPO plans amid geopolitical uncertainties in West Asia and volatile market conditions. PhonePe was reportedly targeting a fundraise of around $1.5 billion at a valuation of approximately $15 billion.