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Fintech Razorpay has confidentially filed draught papers for an Initial Public Offering (IPO) apt sized astatine astir $600 million, a root alert of the substance told Reuters on Monday (June 15, 2026). The confidential way allows IPO-bound firms to support their filings backstage until the motorboat of the nationalist issue.
The Bengaluru-based firm, backed by investors specified arsenic Y Combinator, Lightspeed and Singapore’s sovereign wealthiness money Government of Singapore Investment Corporation (GIC), is targeting its banal marketplace debut by the extremity of 2026, the root added. The root requested anonymity as these details are confidential.
Axis Capital, JPMorgan, Citi and Kotak Mahindra Capital are the bankers advising connected the deal. Razorpay didn’t respond to Reuters’ queries connected Monday (June 15, 2026). Mails to Axis Capital, JP Morgan, Citi and Kotak Mahindra Capital besides did not elicit a response.
Razorpay, founded successful 2014, provides exertion that enables businesses to judge and process online payments done channels including cards, nett banking, Unified Payments Interface (UPI) and integer wallets, earning gross by charging merchants transaction fees.
Beyond its halfway payments gateway business, the institution has besides been expanding its offerings successful payroll absorption and merchant lending services. Razorpay competes with fintechs specified arsenic Paytm, Walmart-backed PhonePe, Cashfree and BillDesk in India’s burgeoning integer payments ecosystem.
Reuters could not find the valuation being targeted by Razorpay for its IPO. The steadfast was valued astatine astir $7.5 cardinal successful its latest large fundraise successful 2021, erstwhile it raised $375 million.
Paytm’s marketplace capitalisation stood astatine ₹718.5 cardinal ($7.60 billion) arsenic of last close, portion PhonePe temporarily paused its much-anticipated IPO citing geopolitical tensions and volatility successful planetary superior markets.
Indian markets surged to grounds highs implicit the past 2 years before starting to conflict this twelvemonth owing to uncertainties related to the U.S.-Israeli warfare connected Iran. In 2025, it was the world’s second-largest IPO marketplace aft the U.S., with 367 listings raising $21.8 billion, according to London Stock Exchange Group (LSEG) data.
