India’s market watchdog has reportedly cleared Razorpay’s IPO plans, paving the way for a possible early 2027 listing at a valuation below the payments group’s 2021 private-market peak.
Razorpay has won regulatory approval from India’s market watchdog for an initial public offering, according to people familiar with the matter cited by CNBC-TV18, Moneycontrol and The Times of India. The Bengaluru-based payments group is now expected to move towards a listing in early 2027, although the size and timing of the deal may still shift with market conditions and investor appetite.
The proposed flotation would mark a major milestone for one of India’s best-known fintech companies, coming nearly five months after it filed draft papers through the confidential route in June 2026. Reports suggest the company is aiming to raise about ₹5,500 crore to ₹6,500 crore, with a valuation of roughly $5 billion, well below the $7.5 billion private-market mark it reached in 2021.
Razorpay has yet to comment publicly on the approval. If the reported terms hold, the offering would give investors a rare chance to buy into a large business-payments platform rather than a consumer-facing app, at a time when India’s fintech sector is steadily moving towards the public markets. PhonePe has already secured approval for its own float, while PayU is also considering a local listing, adding to a crowded pipeline that could be sensitive to uncertainty over merchant charges on the Unified Payments Interface and to broader market volatility.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay now runs payment-processing services, business banking through RazorpayX and cross-border payments. Company results released for FY25 show consolidated revenue of ₹3,783 crore, up 65% from ₹2,296 crore the previous year, while gross profit rose to ₹1,277 crore. Razorpay said its net loss of ₹1,209 crore reflected employee share-option expenses, restructuring costs and taxes tied to its move back to India, which it completed in May 2025. Reports also identify Axis Capital, Kotak Mahindra Capital, JPMorgan and Citi as the bankers handling the proposed sale, and note that the company recently secured a final licence from the International Financial Services Centres Authority to operate payments from GIFT City.
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