Razorpay secures SEBI approval for IPO, eyes $5 billion valuation
Indian fintech firm Razorpay has received approval from India's market regulator for its upcoming IPO. The company is targeting a valuation of approximately $5 billion.
Razorpay, a provider of payment and banking software for businesses based in India, has received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering. The company is seeking to raise between 5 billion and 60 billion rupees (approximately $53 million to $634 million) in the offering.
The fintech company, which filed its draft IPO papers confidentially in June, is reportedly aiming for a valuation of around $5 billion. This development follows Razorpay's strategic decision to move its global headquarters from the U.S. back to India in a process known as a "reverse flip."
In fiscal year 2024, the company reported a 24% increase in revenue to 20.7 billion rupees (about $219 million), with total income exceeding 25 billion rupees. The Reserve Bank of India currently lists Razorpay as an authorized payment aggregator, solidifying its position in the domestic digital finance landscape.