Fintech Firm Razorpay Receives SEBI Approval for Proposed IPO

Razorpay has received approval from the Securities and Exchange Board of India for an initial public offering valued between ₹5,000 and ₹6,000 crore. The fintech company is targeting a valuation of approximately $5 billion through the public market listing.

Fintech firm Razorpay has secured approval from markets regulator SEBI for its proposed initial public offering (IPO) of ₹5,000-6,000 crore, according to sources familiar with the development.

The company is targeting a valuation of around $5 billion through the public offering. This follows Razorpay's submission of its draft IPO papers with SEBI through the confidential route in June to initiate the process of tapping the public markets.

The confidential filing route permits companies to submit their draft offer documents to SEBI for review without immediately disclosing sensitive business information to the public.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay provides payment acceptance, banking, payouts, payroll, lending, and other financial services via an integrated platform. The company serves millions of businesses across India, spanning startups, small and medium enterprises, and large corporates.

Razorpay attained unicorn status in 2020 and has subsequently expanded beyond payment processing into a broader financial services ecosystem for businesses. Its product suite allows merchants to manage collections, payouts, payroll, cash flows, and access capital through a single platform.

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

Meanwhile, activity in the fintech IPO space remains mixed. Rival fintech firm PhonePe's IPO remains temporarily on hold after the company officially paused the process in March 2026 due to geopolitical tensions in West Asia and volatile market conditions. PhonePe had intended to raise over $1 billion at a valuation of $9-10.5 billion.

"Razorpay receiving SEBI approval for an IPO of ₹5,000-6,000 crore is a significant development for the Indian fintech sector. Targeting a $5 billion valuation reflects the company's scale and expansion into broader financial services since achieving unicorn status in 2020. The use of the confidential filing route also demonstrates a measured approach to market entry. As other players navigate shifting macroeconomic and geopolitical conditions, Razorpay's progress through the regulatory process will be closely watched by institutional investors and industry observers alike." — Dr. Shishir Gupta, Founder & CEO, StartupLanes