Razorpay SEBI IPO approval has been reported by CNBC-TV18, with sources telling the channel the Bengaluru-based financial solutions company has received clearance from the Securities and Exchange Board of India to proceed with its initial public offering. The Razorpay SEBI IPO approval has not been confirmed by an official Razorpay or SEBI statement, so the development rests on media reporting rather than a regulator announcement.
Under the reported Razorpay SEBI IPO approval, the fintech company is looking to raise Rs 5,500 to 6,500 crore through the IPO, sources told CNBC-TV18. Razorpay is targeting a valuation of around 5 billion dollars, or roughly Rs 49,000 to 50,000 crore, the sources added. The company had confidentially filed its draft IPO papers with SEBI in June 2026, using the regulator’s confidential pre-filing route, which lets companies submit draft offer documents without publicly disclosing sensitive business and financial information.
Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi have been appointed as bankers for the proposed IPO, according to the reports. Under the Razorpay SEBI IPO approval, shareholders have separately approved a fresh issue of Rs 2,700 crore, according to earlier reporting on the filing, with the rest of the issue expected to come from an offer for sale by existing investors. The confidential route lets a company complete SEBI’s review before making the document public, and the public draft prospectus, roadshows and price band announcement would follow if the approval is confirmed. No listing date, price band or IPO opening date has been officially announced.
What the Razorpay SEBI IPO approval follows
The Razorpay SEBI IPO approval follows a significant legal restructuring. In May 2025, the company completed a reverse flip, moving its parent entity from the United States to India. The change was a necessary step to meet domestic listing requirements, and it feeds into the company’s reported financials for the year that followed.
Razorpay was founded in 2014 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, and it is among India’s largest fintech companies, offering payment processing and banking solutions to businesses. The company competes with Prosus-backed PayU, Cashfree Payments, Pine Labs, PhonePe and Paytm, among others. PhonePe is also expected to go public by the end of the current financial year. A listing at the reported size would place Razorpay among the largest fintech listings India has seen.
Razorpay was last valued at 7.5 billion dollars in 2021, when it raised 375 million dollars in a funding round. The current 5 billion dollar target reflects a more conservative adjustment in line with broader market trends, and it sits below that earlier peak even as the company’s revenue has grown.
Razorpay SEBI IPO approval and the financial picture
Razorpay’s consolidated revenue increased 65% year-on-year to Rs 3,783 crore in FY25, compared with Rs 2,296 crore in FY24. The company also posted a net loss of Rs 1,209 crore for the year. Management has attributed a portion of this loss to one-time costs related to the reverse-flip transition and employee stock ownership programmes.
Investors weighing the Razorpay SEBI IPO approval are now balancing the company’s growth in payment processing volumes against the challenge of narrowing losses in a crowded sector. Market volatility remains a key risk that could affect the timing and pricing of the share sale, and the final amount raised will depend on institutional investor demand. Reports have put a market debut in early 2027, with some reports targeting December 2026 if conditions allow.
The Razorpay SEBI IPO approval, if confirmed, would move one of India’s largest fintech listings closer to the market after months of confidential review. A market debut is reportedly being targeted for as early as December 2026, with a working plan for January to March 2027 if market conditions stay volatile. The company has also partnered with OpenAI to help Indian brands advertise on ChatGPT through its Engage growth marketing platform, a separate line of business from its core payments operation.