Razorpay IPO is a proposed Mainboard public issue by Razorpay Software Limited. The company has confidentially filed its Draft Red Herring Prospectus with SEBI and the stock exchanges for a proposed initial public offering of its equity shares. The company has not yet publicly disclosed the final price band, issue dates, lot size, or other final issue parameters.
The proposed IPO is expected to include a fresh issue of equity shares along with an Offer for Sale (OFS) by certain existing shareholders. The company has not publicly disclosed the final issue structure and proceeds allocation in a public RHP. Media reports have indicated a proposed issue size in the range of ₹5,000 crore to ₹6,000 crore, but the company has not disclosed the final issue size publicly.
Razorpay Software Limited is a fintech company providing payment acceptance, payouts, business banking, payroll, lending, and other financial technology solutions to businesses. Its platform is designed to help businesses accept and disburse payments, manage financial operations, automate payroll, and access business financial services.
The company provides a broad range of fintech products through its payments and business finance ecosystem. Its offerings include online payment acceptance, payment links, subscriptions, payouts, RazorpayX business banking, payroll solutions, and working capital and lending-related services.
India’s digital payments and fintech industry continues to expand due to increasing digital commerce, UPI adoption, internet penetration, growth of online businesses, and increasing demand for integrated financial technology solutions. The fintech sector is also seeing increasing regulatory oversight and competition, making business scalability, compliance, profitability, and product diversification important factors for investors to evaluate.
Table of Contents
IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Razorpay IPO |
| Company Name | Razorpay Software Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | |
| Price Band | |
| Issue Size | |
| Fresh Issue | |
| Offer for Sale | |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | |
| Book Running Lead Managers | Axis Capital Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Kotak Mahindra Capital Company Limited |
The company has confidentially filed its draft offer document with SEBI and the stock exchanges. Since the filing was made through the confidential route, detailed public issue parameters such as the price band, final issue size, bidding dates, lot size, reservation, and objects of the issue are not currently available in a publicly disclosed RHP.
Razorpay IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The final Razorpay IPO timeline will be available after the company receives the required regulatory observations and announces the public issue schedule. Investors should refer to the final RHP and IPO announcement for confirmed dates.
Razorpay IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) |
The final allocation under each investor category will be available once the company publishes the RHP containing the confirmed IPO structure and reservation details.
Razorpay IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum |
The Razorpay IPO price band and lot size have not been publicly announced. The application amount will be available after the company announces the final price band and lot size.
About Razorpay Software Limited
Razorpay Software Limited is a fintech company based in Bengaluru, India, and is the Indian parent company of the Razorpay fintech group. The company provides technology-enabled payment and financial services for businesses through an integrated digital platform.
Razorpay was founded by Harshil Mathur and Shashank Kumar and initially focused on simplifying online payment acceptance for businesses. Over time, the company expanded its product portfolio beyond payment gateways into payouts, business banking, payroll, lending, subscriptions, and other financial management solutions.
The company operates a technology-focused business model that connects businesses with payment infrastructure and financial management tools. Its platform enables businesses to accept payments through multiple payment modes, make payouts, manage recurring payments, automate payroll, and access other business financial services.
Razorpay completed the process of moving its parent entity’s domicile from the United States to India in 2025 as part of its preparation for a potential Indian public listing. In June 2026, the company confidentially filed draft IPO papers with SEBI and the stock exchanges.
Business Operations
Razorpay Software Limited operates an integrated fintech platform offering a range of payment and business financial services.
• Payment Gateway – Razorpay provides businesses with technology to accept online payments through credit cards, debit cards, net banking, UPI, and other supported payment methods.
• Payment Links – Businesses can create payment links and collect payments from customers without requiring a complete online store or custom payment integration.
• Subscriptions – Razorpay provides recurring payment and subscription management solutions for businesses that operate subscription-based models.
• Payouts – Razorpay enables businesses to make payouts to vendors, customers, partners, employees, and other recipients through digital payment infrastructure.
• RazorpayX Business Banking – RazorpayX provides business financial management tools including payouts, current-account related services through partner banks, corporate cards, and financial operations management.
• Payroll – RazorpayX Payroll provides payroll processing, salary disbursement, employee management, reimbursements, and statutory compliance-related features.
• Lending and Credit – Razorpay provides access to working capital and business credit solutions through its financial technology ecosystem and lending partnerships.
• International Payments – The company provides payment and financial infrastructure for businesses involved in international and cross-border transactions.
• Business Automation – Razorpay provides APIs, dashboards, automation tools, reconciliation solutions, and other technology products that help businesses manage financial operations.
Industry Overview
India’s digital payments and fintech industry has expanded rapidly due to increasing internet penetration, smartphone adoption, digital commerce, UPI usage, and the growing preference for electronic payments.
Businesses increasingly require integrated payment infrastructure that allows them to accept payments, manage payouts, automate reconciliation, handle subscriptions, and manage other financial operations through technology platforms.
The fintech industry is also expanding beyond payment processing into business banking, payroll, lending, financial automation, and cross-border payments. This creates opportunities for companies that can provide multiple financial services through a single technology platform.
At the same time, fintech businesses operate in a highly competitive and regulated environment. Changes in RBI regulations, payment economics, data protection requirements, cybersecurity standards, lending rules, and payment processing regulations can influence business operations and profitability.
Business Strategy
Razorpay focuses on building an integrated financial technology platform for businesses by expanding beyond payment acceptance into payouts, business banking, payroll, lending, and financial automation.
The company aims to deepen its relationship with businesses by offering multiple financial products through a single technology ecosystem. Its strategy includes continued investment in payment infrastructure, business financial management tools, APIs, automation, artificial intelligence, and new financial technology products.
Razorpay also continues to expand its international payment capabilities and financial technology offerings while strengthening its presence among startups, small and medium-sized businesses, and larger enterprises.
Razorpay IPO Financial Information
A company’s financial performance provides valuable insights into its revenue growth, profitability, operating performance, and financial stability. Reviewing financial results over multiple years helps investors understand how the business has scaled and how effectively it has converted its growing operations into earnings.
Razorpay Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹2,296 Crore | ₹3,783 Crore | |
| Total Income | |||
| EBITDA | |||
| Profit Before Tax (PBT) | |||
| Profit After Tax (PAT) | ₹34 Crore | -₹1,209 Crore | |
| Net Worth | |||
| Total Borrowings |
Razorpay reported consolidated revenue of ₹3,783 crore in FY2025, compared with ₹2,296 crore in FY2024, representing approximately 65% growth. Gross profit increased from ₹906 crore in FY2024 to ₹1,277 crore in FY2025.
The company reported a post-ESOP loss of ₹1,209 crore in FY2025. The reported loss was affected by costs associated with the company’s restructuring and redomiciliation process, including tax and ESOP-related expenses. The company’s core payment business continued to expand during the period.
Razorpay IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operating efficiency, financial strength, and capital utilisation. These financial ratios provide additional insights into the company’s overall business performance.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | |
| Return on Capital Employed (ROCE) | |
| Return on Net Worth (RONW) | |
| EBITDA Margin | |
| PAT Margin | -31.96% |
| Debt-to-Equity Ratio | |
| Earnings Per Share (EPS) | |
| Net Asset Value (NAV) Per Share | |
| Price to Earnings (P/E) |
The available FY2025 financial information shows strong revenue growth, although the consolidated business reported a significant net loss during the year. Detailed IPO valuation ratios such as EPS, NAV, and P/E will become available after the company publicly discloses the final offer price, share capital, and complete financial information in the public offer documents.
Objects of the Razorpay IPO
The final objects of the Razorpay IPO have not been publicly disclosed because the company’s draft filing was submitted through the confidential filing route.
The company has not yet publicly released a final RHP containing the confirmed utilisation of the fresh issue proceeds.
The proceeds from any Offer for Sale will be received by the respective selling shareholders and will not form part of the company’s funds.
Razorpay IPO Listing Performance
The listing performance reflects how the company’s shares perform on the stock exchanges after the IPO. While listing gains or losses reflect initial market activity, long-term performance depends on business growth, profitability, execution, competition, regulation, and future financial performance.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The listing performance will be available only after Razorpay completes the IPO and its equity shares commence trading on the stock exchanges.
Razorpay IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Subscription data across QIB, NII, and retail categories becomes available only after the IPO opens for bidding.
Razorpay IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
The Razorpay IPO subscription figures will be available after the public issue opens for subscription and investors submit their applications.
Razorpay IPO Review
Razorpay Software Limited operates an integrated fintech platform focused on payments and financial technology solutions for businesses. The company has expanded from its original payment gateway business into payouts, business banking, payroll, lending, subscriptions, and other financial services.
The company has demonstrated significant revenue growth as its payments and financial technology businesses have expanded. Consolidated revenue increased from ₹2,296 crore in FY2024 to ₹3,783 crore in FY2025, while gross profit increased from ₹906 crore to ₹1,277 crore during the same period.
Razorpay’s business model provides exposure to the continued growth of digital payments and the increasing demand for integrated financial management solutions among businesses. Its product portfolio includes payment acceptance, payouts, RazorpayX, payroll, lending-related services, and international payment solutions.
However, investors should also consider the company’s reported FY2025 net loss, regulatory requirements applicable to fintech and payment businesses, intense competition, cybersecurity risks, technology investment requirements, and the uncertainty surrounding the final IPO valuation and issue structure.
Overall, Razorpay operates in a rapidly expanding fintech sector and has built a diversified technology platform serving business financial needs. Investors should carefully evaluate the company’s financial performance, valuation, regulatory environment, competitive position, and future growth strategy before making an investment decision.
Razorpay IPO Strengths
• Established fintech platform with a broad portfolio of payment and financial technology products.
• Diversified business operations across payments, payouts, business banking, payroll, lending, subscriptions, and other financial services.
• Strong revenue growth, with consolidated revenue increasing from ₹2,296 crore in FY2024 to ₹3,783 crore in FY2025.
• Integrated technology platform serving businesses across multiple financial operations.
• Exposure to the continued expansion of digital payments and fintech adoption in India.
• Expansion into business financial management and international payment services.
Razorpay IPO Risk Factors
• The company reported a significant consolidated net loss in FY2025.
• Fintech and payment businesses are subject to extensive regulatory and compliance requirements.
• The company operates in a highly competitive digital payments and financial technology market.
• Changes in RBI regulations, payment economics, lending regulations, or other financial-sector rules may affect operations.
• Cybersecurity incidents, technology failures, fraud, or data breaches could adversely affect the business.
• Continued investment in technology, product development, compliance, and expansion may affect profitability.
Razorpay IPO Promoters
Razorpay was founded by Harshil Mathur and Shashank Kumar, who have been associated with the company since its early development and expansion. The founders have played a key role in building Razorpay from a payment gateway business into a broader financial technology platform.
The final promoter classification and promoter shareholding details will be available in the publicly disclosed IPO documents.
Razorpay IPO Promoters Details
| Promoter | Designation |
|---|---|
| Harshil Mathur | |
| Shashank Kumar |
Razorpay IPO Management Team
The company is led by a management team with experience across fintech, payments, technology, business operations, finance, and corporate management. The leadership team is focused on expanding Razorpay’s financial technology platform, strengthening payment infrastructure, and developing additional business financial products.
| Name | Designation |
|---|---|
| Harshil Mathur | Co-Founder & Chief Executive Officer |
| Shashank Kumar | Co-Founder & Managing Director |
| Arpit Chug | Chief Financial Officer |
| Prabhakar Tiwari | Company Secretary & Compliance Officer |
Razorpay IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds, and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | |
| Website | |
| IPO Allotment Status | |
| Email ID | |
| Contact Number |
The Razorpay IPO registrar will be announced in the final public offer documents before the IPO opens for subscription.
Razorpay IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory compliance, and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | Axis Capital Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Kotak Mahindra Capital Company Limited |
Razorpay Software Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Razorpay Software Limited |
| Registered Office | First Floor, SJR Cyber, 22, Laskar Hosur Road, Adugodi, Bengaluru, Karnataka – 560030 |
| Website | https://razorpay.com |
| Email ID |
How to Check Razorpay IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Through Registrar
- Visit the official IPO allotment portal of the registrar.
- Select Razorpay IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Razorpay IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Razorpay IPO Conclusion
Razorpay IPO provides an opportunity to participate in the proposed public listing of one of India’s established fintech and digital payments platforms. The company has expanded its operations from payment acceptance into payouts, business banking, payroll, lending, subscriptions, and other financial technology services.
The company has recorded strong revenue growth, with consolidated revenue increasing to ₹3,783 crore in FY2025 from ₹2,296 crore in FY2024. At the same time, the reported FY2025 net loss highlights the importance of evaluating the company’s profitability, restructuring-related expenses, operating economics, and future path toward sustainable earnings.
Razorpay operates in a sector supported by the continued adoption of digital payments, online commerce, business automation, and financial technology solutions. However, investors should also consider regulatory requirements, competition, cybersecurity risks, technology investment, and the final IPO valuation.
A detailed assessment of Razorpay’s financial performance, final IPO price band, issue structure, valuation, business strategy, regulatory environment, and long-term growth plans can help investors evaluate the IPO according to their own investment objectives.
Razorpay IPO FAQs
What is Razorpay IPO?
Razorpay IPO is the proposed Mainboard public issue of Razorpay Software Limited, a fintech company providing payment, payout, business banking, payroll, lending, and other financial technology solutions.
What is the price band of Razorpay IPO?
The price band of Razorpay IPO has not been announced publicly.
What is the issue size of Razorpay IPO?
The final issue size has not been officially disclosed publicly. Media reports have indicated a proposed issue in the range of ₹5,000 crore to ₹6,000 crore, but the final amount may change.
When will the Razorpay IPO open?
The Razorpay IPO opening date has not been announced publicly.
When will the Razorpay IPO close?
The Razorpay IPO closing date has not been announced publicly.
On which stock exchanges will Razorpay shares be listed?
Razorpay has proposed a Mainboard IPO for listing its equity shares on the domestic stock exchanges. The final designated stock exchanges will be confirmed in the public offer documents.
Who is the registrar for the Razorpay IPO?
The registrar for the Razorpay IPO has not yet been publicly announced.
What is the face value of Razorpay IPO shares?
The face value of Razorpay IPO shares has not been publicly confirmed in the available public IPO information.
What does Razorpay Software Limited do?
Razorpay Software Limited operates a fintech platform that provides payment acceptance, payouts, business banking, payroll, lending-related services, subscriptions, and other financial technology solutions for businesses.
What are the objects of the Razorpay IPO?
The final objects of the Razorpay IPO have not been publicly disclosed because the company filed its draft offer document through the confidential filing route. The confirmed utilisation of fresh issue proceeds will be available in the public offer documents.
