Razorpay IPO 2026: India’s fintech unicorn files confidential DRHP

Razorpay filed a confidential Draft Red Herring Prospectus with SEBI on June 12, 2026. What is known is that the Razorpay IPO is shaping up to be one of the larger fintech listings in Indian market history, with a reported issue size of around ₹5,700 crore split between a fresh issue and an offer for sale. Price band, dates, and issue size are all still undeclared.

Introduction

The company completed a reverse flip before filing, moving its domicile from Delaware back to India. For a company that processes payments for a large chunk of Indian internet commerce, this listing has been a long time coming.

What is Razorpay? The story behind the unicorn 

Razorpay is one of those companies that became infrastructure before anyone quite noticed. It started as a payment gateway and grew into the financial operating system for a large part of India's internet economy. Most people who shop online in India, subscribe to a service, or pay a bill through an app have touched Razorpay's technology without knowing it. Founded by Harshil Mathur and Shashank Kumar, backed by Tiger Global, Sequoia Capital, GIC, and Ribbit Capital, the company sits comfortably in decacorn territory by valuation.

From a Jaipur startup to India's payments backbone

Mathur and Kumar started Razorpay in 2014 after going through Y Combinator. The pitch was simple: make it easier for Indian businesses to accept online payments. At the time, the alternatives were built for large enterprises. Razorpay went after everyone else. Within a few years it had become the default payment stack for a generation of Indian startups. As those startups scaled, so did Razorpay's volumes.

Business segments: What Razorpay actually does

Razorpay started as a payment gateway and has since built out a full financial infrastructure stack for Indian businesses. The product suite now covers payments, banking, lending, payroll, and offline commerce, making it one of the more complete fintech platforms in the country.

• Payment gateway: The core product. Supports UPI, credit and debit cards, net banking, wallets, EMI, and recurring payments. Used by businesses ranging from early-stage startups to large enterprises to accept payments online.
• POS devices: Offline payment terminals for in-person transactions. Extends Razorpay's reach beyond digital commerce into physical retail, giving merchants a unified payments stack across online and offline channels.
• RazorpayX (business banking): A business banking platform that gives companies current accounts, automated payouts, vendor payments, and treasury management. Designed to replace the fragmented banking experience most businesses cobble together across multiple banks.
• Razorpay Capital (lending): Working capital loans and business credit products for merchants on the platform. Razorpay's transaction data gives it a natural underwriting advantage over traditional lenders for its own merchant base.
• Razorpay Payroll: Salary disbursement, compliance, and payroll management for businesses. Connects with attendance and HR systems to automate the monthly payroll cycle.
• Payment Links and Subscriptions: No-code tools that let businesses collect payments without needing a full checkout integration. Useful for freelancers, small businesses, and service providers who invoice clients directly.
• International payments: Cross-border payment acceptance for Indian businesses selling to global customers, and operations in Malaysia as a live international market.

Razorpay IPO: Key highlights at a glance 

Almost everything about the Razorpay IPO is still pending. The DRHP is confidential, which means SEBI is reviewing it, but the document has not been made public. Price band, lot size, subscription dates, and final issue size are all undeclared. What has been confirmed: the DRHP was filed June 12, 2026, the listing was proposed on BSE and NSE, and four lead managers were appointed. The reported ₹5,700 crore issue size should be treated as indicative until the RHP is out.

The confidential DRHP and what it signals

Filing confidentially means Razorpay wants to complete SEBI's review before making the document public. Large tech listings increasingly go this route for timing flexibility. It is not unusual. It does mean investors are working with limited information right now.

The reverse flip from Delaware to India

Razorpay redomiciled from a US holding structure back to India before filing. This is a prerequisite for a domestic listing and involves restructuring the cap table, tax positions, and shareholder agreements. Getting it done signals that the Razorpay IPO is a serious plan, not a market-dependent option.

Razorpay's financial journey

Razorpay is loss-making, but the loss is narrowing. That distinction matters a lot in India's current IPO market, where investors have become much more demanding about the gap between revenue growth and profitability since Paytm's difficult post-listing history. The three-year picture shows strong revenue momentum and a margin trajectory moving in the right direction. FY26 data is not public yet and will be the most important thing to read in the final RHP.

*Verify FY24 revenue against RHP when published.

The FY25 revenue jump of roughly 59.5% year on year is real. So is the EBITDA margin moving from -13% to -3.1%. At that rate, breakeven in FY26 or FY27 is not a stretch. The ₹2,774 crore cash position provides runway while the company continues investing in product and geography expansion.

The fintech IPO landscape the Razorpay IPO is entering

India's new-age tech IPO history is uneven, and investors know it. The environment in 2026 is more sober than 2021, which is probably good news for the Razorpay IPO. Institutional investors are more focused on margin trajectory and valuation discipline now. That makes for a more grounded reception, provided the pricing reflects the current reality rather than an optimistic projection.

How listed peers have fared

Paytm listed at ₹2,150 in 2021 and fell hard, spending years below its issue price. PB Fintech had a rough start but recovered and now trades above issue price. Pine Labs, the most recent comparable, gained 13.5% on listing day and has since corrected to below its issue price. The pattern is clear: listing-day performance and long-term returns are two separate conversations.

What the precedents mean for the Razorpay IPO

Razorpay enters with better fundamentals than Paytm had at listing. Revenue is growing fast, the loss is narrowing, and the business model is more focused. But the Paytm experience is still fresh enough that Indian institutional investors will be watching the valuation closely. If the Razorpay IPO price reflects the improving margin trajectory rather than a future state that has not arrived yet, the reception is likely to be better than what Paytm got.

What the Razorpay IPO could mean for the market

The Razorpay IPO matters beyond Razorpay. India's payments ecosystem has several large unlisted companies watching this closely. The pricing, reception, and post-listing performance will function as a reference point for the whole sector. A well-received Razorpay listing at a sensible valuation opens the door for the next wave. A rocky debut pushes everyone else to wait.

A valuation benchmark for India's payments sector

Razorpay IPO pricing will set the first public market reference point for large-scale Indian payment infrastructure businesses. PhonePe, still privately held and eyeing its own listing, will be watching the multiple that markets assign to Razorpay's revenue and gross profit. So will the institutional investors sitting on unlisted fintech positions.

Signal for unlisted peers

Pine Labs, PhonePe, and others in the payments space are at different stages of their own listing journeys. A Razorpay listing where the stock holds post-listing, rather than just popping on day one and correcting, changes the narrative for all of them. It tells the market that Indian fintech has learned from 2021.

What investors should watch before the Razorpay IPO opens

The price band is the only number that actually matters here, and it is not out yet. Razorpay is a real, scaled, growing company. The business case is not the question. The question is what the IPO price implies about valuation relative to current earnings and the realistic profitability timeline. Investors who went into Paytm at IPO price learned that business quality and IPO pricing are different things.

When the RHP drops, these are the things worth checking:

• What FY26 EBITDA margin looks like. If it has continued improving from -3.1%, that changes the valuation conversation significantly
• What revenue multiple the issue price implies, and how that compares to PB Fintech and global payments peers
• The OFS proportion. More OFS means more existing investors exiting. More fresh issue means more capital going into the business

The final RHP is the document that matters. Everything before that is directional.

Conclusion

The Razorpay IPO is real and moving. DRHP filed, reverse flip done, and end-2026 listing in view. The business is growing fast and getting closer to profitability. The market it is entering is more mature and more discerning than it was in 2021. What determines whether this is a good investment is the price. That has not been declared yet.