Indian Payment FinTech Razorpay Planning $600 Million IPO

Indian payment FinTech Razorpay is reportedly preparing a $600 million initial public offering (IPO).

The company has confidentially filed for a public listing with the goal of making its stock market debut by the end of the year, Reuters reported Monday (June 15), citing a source familiar with the matter.

Its competitors in the Indian digital payments space include Paytm, the Walmart-backed PhonePe, Cashfree and BillDesk, the report added.

Reuters said it was unable to determine the valuation being targeted by Razorpay for its IPO. The company was valued at about $7.5 billion in its latest ‌major funding round in 2021, when it took in $375 million. Reached for comment by PYMNTS, Razorpay confirmed the filing but declined to offer further information.

The news comes three months after reports that PhonePe was also planning to go public at a valuation of $9 billion to $10.5 billion.

However, the company announced soon after that it was halting its IPO plans, citing geopolitical conflicts and market turmoil.

“We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” Sameer Nigam, PhonePe’s founder and CEO said in a statement provided to PYMNTS at the time.

The statement added that the company hopes to resume the IPO process when the market stabilizes. PhonePe filed to go public in the fall of 2025 and received regulatory approval for its listing in January.

As the Reuters report noted, Razorpay offers technology that lets businesses accept and process digital payments made through card, digital wallets and India’s Unified Payments Interface (UPI) ​system, earning revenue through transaction fees issued to merchants.

The company has been branching out into areas like merchant lending and payroll management. Last year, Razorpay teamed with UPI creator National Payments Corporation of India and OpenAI to launch an “AI-powered conversational payment experience” in India.

That experience, dubbed “Agentic Payments,” will allow users of OpenAI’s ChatGPT in India to find products through the chatbot and instantly purchase them with UPI, Razorpay said in a blog post last year.

“Imagine this: You tell your AI assistant, ‘Order my usual groceries,’ and it simply does it,” the blog post added. “No stopping to open the right grocery app, no typing a UPI PIN, no entering an OTP. AI just handles the payment, securely, on your behalf.”