Razorpay’s IPO May Cross $700mn; Axis, Kotak Among Key Investment Banks

Razorpay Prepares for Proposed IPO, Shortlists Four Investment Banks

Razorpay, a leading fintech major, has begun preparations for a possible initial public offering (IPO) and has shortlisted four investment banks for key advisory roles, according to a report by Moneycontrol.

Investment Banks Shortlisted for IPO Syndicate

• Axis Capital
• Kotak Mahindra Capital
• JPMorgan Chase
• Citigroup

If required, more investment banks could be added to the syndicate at a later stage.

Proposed IPO Details

The proposed offering is expected to comprise a mix of primary and secondary share sales. While discussions are still at an early stage, the issue size is likely to exceed $700mn.

Razorpay's Growth and Funding

• Razorpay was founded in 2014 by Harshil Mathur and Shashank Kumar.
• The company has raised $742mn in funding from investors across 11 rounds, according to Tracxn.
• In the latest series F funding round on December 21, 2021, it raised $375mn.
• The company's revenues stood at ₹3,900 crore as on March 31, 2025.

Razorpay's RBI Licenses

Razorpay currently holds all three key Reserve Bank of India (RBI) licences—online payment aggregator, cross-border payment aggregator, and offline payment aggregator.

Its offline payments arm, Razorpay POS, received a licence from the RBI last month to act as an offline payment aggregator.

Timeline for Possible IPO Listing

Razorpay is working towards a possible listing by the end of the year, but the final timing and size of the offering will reportedly depend on market conditions and board approval.