Razorpay Software IPO GMP, Date, Price Band & Review

Razorpay IPO Details

Razorpay IPO is a 100% book-built issue of approximately ₹5,000 crore to ₹6,000 crore ($500–$600 million), comprising a fresh issue of equity shares and an offer for sale (OFS) by existing investors and promoters. The company filed its confidential Draft Red Herring Prospectus (DRHP) with SEBI on June 12, 2026 through the newspaper advertisement route. The price band and official dates for subscription and listing will be announced by the company later, but the shares are expected to be listed on the NSE and BSE. The book-running lead managers for the issue are Axis Capital, JPMorgan, Citi, and Kotak Mahindra Capital, while the registrar to the issue is [.].

Razorpay IPO Date & Timeline

The Razorpay IPO is officially set to open for subscription on [.] and will close on [.]. The company initially filed its Draft Red Herring Prospectus (DRHP) on June 12, 2026 and has now finalised its schedule following SEBI approval. Once the subscription window closes, allotment is expected on [.]. Following this, the firm will initiate refunds and credit shares to the demat accounts of successful investors on [.]. Finally, shares of Alpine Texworld Ltd. are tentatively scheduled to list on the stock exchanges on [.].

Razorpay IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.


The Razorpay IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Razorpay Software Pvt. Ltd. was incorporated as a private limited company on 24 May 2013, in Bengaluru, Karnataka. The company was founded by Harshil Mathur and Shashank Kumar, both alumni of IIT Roorkee, who built Razorpay to address the fragmented online payments infrastructure for Indian businesses. After completing its reverse flip from Delaware (US) to India in May 2025, Razorpay converted into a public limited company in April 2025 and paid approximately $150 million in related taxes and restructuring costs. Today, Razorpay is headquartered in Bengaluru and employs over 4,000 people, serving as a full-stack merchant fintech platform powering India’s internet economy.

Operations & Product Range

Razorpay works on an all-inclusive digital payments and financial services platform. It primarily deals in 4 segments: payments gateway, which accepts payments through the Unified Payments Interface (UPI), cards, net banking, wallets, QR code, and international payments; RazorpayX, an AI-enabled business banking and payouts service that includes current accounts, vendor payments automation, payroll, and corporate cards; Razorpay Capital, which gives working capital loans and instant settlement services; and a variety of value-added services like subscriptions, invoicing, anti-fraud, payment optimization, escrow, and analytics.

Facilities & Capacity

Razorpay operates primarily through cloud-based digital infrastructure and is headquartered in Bengaluru, Karnataka. The company’s technology stack supports more than 12 million merchants and processes an annualised total payment value (TPV) of approximately $180 billion across over 7.4 billion transactions. Specific details regarding data centre capacity, server footprint, and physical facility expansion will be updated once the public DRHP is published.

Brands & Market Presence

Razorpay operates under the single "Razorpay" brand and has established itself as India’s leading B2B payments infrastructure platform. The company serves a diverse merchant base ranging from bootstrapped SMEs and MSMEs to large unicorns and enterprises, with a significant and growing user base across Tier-2 and Tier-3 cities. It is widely recognised for developer-friendly APIs and high payment success rates, making it a preferred partner for digital-first and internet-commerce businesses.

Revenue Streams & Business Model

The main sources of revenue for Razorpay include transaction fees based on volume, SaaS fees based on business banking and automation products, revenue shares from the lending product (Razorpay Capital), and hardware and services fees from POS solutions. For FY25, Razorpay's consolidated operating revenue was ₹3,783 crore, up 65% from ₹2,296 crore in FY24. The gross profit rose by 41% to ₹1,277 crore despite the fall in gross margin to about 33.8% from 39.4% previously. The company reported a consolidated net loss of ₹1,209 crore after ESOP in FY25 due to exceptional expenses related to the move of domicile to India, restructuring, and taxes. In FY25, the online payment segment was EBITDA profitable, and the company aims to be profitable within FY26 in the India business with consolidated profits thereafter in the next 2 to 3 quarters.

Management & Shareholding

Razorpay’s promoters are Harshil Mathur and Shashank Kumar, with both owning more than 40% of the firm. Under the OFS structure, some of the current investors like Y Combinator, Peak XV, Tiger Global, Lightspeed, GIC of Singapore, and others will be selling their shares as part of the offering process. Enhanced voting rights have been offered to the promoters, which give them double votes for each board position. There is no disclosure of the exact pre-IPO and post-IPO shareholding percentages at this time.

Board & Key Management

Razorpay is led by its founders, Harshil Mathur and Shashank Kumar, who oversee daily operations and strategic direction. Arpit Chug serves as the Chief Financial Officer and has been instrumental in steering the company’s financial restructuring and IPO readiness. Details on the full board composition, independent directors, and other key management personnel are not yet available in public disclosures.