The Razorpay IPO has received approval from the Securities and Exchange Board of India (SEBI), according to Inc42, which cites sources and says Economic Times reported it first. The proposed issue is sized at ₹5,000–6,000 crore.
The Inc42 report was published on 4 November 2026. It says the offer includes both new shares and an offer-for-sale, though the split between the two has not been disclosed. Razorpay had filed confidentially in June, targeting a valuation of $5–6 billion.
What Is the Razorpay IPO Valuation and Timeline?
Inc42 reports a valuation of around $5 billion, which is below the $7.5 billion valuation of its 2021 funding round. Its weekly funding roundup of 7 November puts the expected valuation at about ₹47,000 crore and says listing is likely between January and March 2027.
What the Razorpay Financials Show
Inc42 reports that for FY25 Razorpay posted a loss, driven by ₹1,209 crore in ESOP expenses and one-time restructuring and tax costs linked to moving its domicile from the US to India. Operating revenue rose 65% to ₹3,783 crore in the same year.
What It Means for Indian Businesses and the Startup Market
Razorpay is a payments company, so its listing would add another fintech name to India’s public markets. Its progress will be watched by startups weighing their own IPO plans, as the valuation reportedly sits below its last private round.
Industry Reaction and Expert Commentary
No on-record comment from Razorpay or SEBI was found in the sources reviewed. The Inc42 report relies on unnamed sources and contains no direct quotes. The names of the underwriters were not mentioned.
What Happens Next?
Inc42 says the listing is likely in the January–March 2027 window. The final issue size, the fresh-issue and offer-for-sale split, and the underwriters have not been reported.
Frequently Asked Questions
Has SEBI approved the Razorpay IPO?
According to Inc42, citing sources, SEBI has approved the proposed IPO. Neither SEBI nor Razorpay was quoted in the report.
How big is the Razorpay IPO?
Reports put the issue size at ₹5,000–6,000 crore, with the headline figure at ₹6,000 crore. It includes fresh shares and an offer-for-sale, and the split is undisclosed.
When could Razorpay list?
Inc42 says the listing is likely between January and March 2027.
Source: Inc42, 4 November 2026; Inc42 weekly funding report, 7 November 2026.
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