Razorpay Lines Up Banks as IPO Set to Top $700M

Hey Payments Fanatic!

Razorpay has appointed Axis Capital, Kotak Mahindra, JP Morgan, and Citibank to lead its IPO, with the deal expected to exceed $700 million.

Structuring is moving forward as India’s FinTech exit window continues to reopen.
The offering is expected to include both primary and secondary shares, with additional banks potentially joining the syndicate.

Preparation signals advancing timelines rather than early-stage exploration...

Private market valuation remains near $9.2 billion, while revenue momentum continues to strengthen. Scale and profitability metrics are becoming central to the equity story.

For deeper context on Razorpay’s strategic positioning, revisit 👉  “Reverse Flipping in FinTech: A Closer Look at The Latest Moves”. Licensing coverage across payments, banking, and cross-border flows continues to expand. Regulatory readiness increasingly defines IPO eligibility in emerging FinTech markets.

India’s broader startup IPO pipeline is gaining velocity, with multiple tech names advancing listing plans. Capital markets are reopening, but selectivity remains high.

More signals from the sector are coming up. I'll be back tomorrow so you can stay up-to-date on the payments industry.

Cheers,

Marcel

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🇮🇳 Razorpay shortlists four bankers to helm $700mn IPO. The move follows Razorpay’s conversion into a public entity and its reverse flip back to India in 2025. The company serves over 8 million businesses and has raised more than $816 million, with revenue rising 65% year-on-year in FY25.

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