Indian fintech giant Razorpay is preparing to confidentially file for an initial public offering (IPO) in the coming weeks, as per media reports.
The company is expected to raise between $600 million and $700 million , with a valuation of around $5 billion to $6 billion. This would mark a decline from its peak valuation of $7.5 billion more than four years ago.
A confidential filing allows firms to submit draft IPO papers to the Securities and Exchange Board of India (SEBI) without immediately disclosing detailed financial information to the public. Several Indian startups have adopted this route in recent years.
Founded in 2014, Razorpay has grown rapidly, reporting a 65% increase in consolidated operating revenue to Rs 3,783 crore in the financial year ending 2025. However, it also posted a net loss of Rs 1,209 crore, attributed in part to employee stock ownership costs and expenses related to shifting its domicile to India.
The company completed its “reverse flip” from the United States to India in 2025, a move that reportedly cost around $150 million in taxes and was seen as a key step towards listing.
Alongside its IPO ambitions, Razorpay is also seeking to broaden its business model beyond payments. The company has launched an AI-driven platform designed to automate financial operations for businesses.
CEO, Harshil Mathur said, the aim is to evolve into a full-stack financial system: “The idea is to move from being just a payments provider to becoming a financial operating system for businesses.”
The platform uses AI agents to handle tasks such as payment reconciliation, dispute resolution, and transaction monitoring.
Mathur noted that while AI tools exist across industries, integrating them directly into payment infrastructure offers a new layer of functionality. “Agentic platforms exist independently, but nobody has built them directly on top of payments infrastructure,” he said.
Razorpay said the platform aims to help businesses automate complex financial workflows, including tasks that smaller companies may find resource-intensive.
Razorpay operates in a competitive space alongside firms such as Paytm, PayU and Cashfree.
