Razorpay Picks Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi for Proposed $700 Million IPO

Razorpay has appointed 4 investment banks as it starts preparations for a proposed Initial Public Offering (IPO) expected to raise more than $700 million, as per The Moneycontrol report. Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi have been selected after recent pitches.  

The issue is likely to combine fresh share issuance with an offer for sale by existing investors. As per the report, the discussions are at an early stage. More banks could be added to the syndicate later if needed. 

Razorpay Company and Funding Details 

Founded in 2014 by IIT Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay operates a payments and banking platform for businesses.  

The Bengaluru-based firm is backed by investors including GIC, Peak XV, and Tiger Global. Data from Tracxn shows it has raised about $742 million across 11 funding rounds. 

Its post-money valuation stood at $9.2 billion as of June 2025. Revenue for the year ended March 31, 2025, was around ₹3,900 crore. 

Business and Recent Developments 

Razorpay offers payment acceptance, processing and payout services across cards, net banking, UPI, and digital wallets. Businesses use the platform to manage collections, settlements and disbursements.  

In June 2025, the company invested about $30 million in consumer payments platform POP. The investment was for expanding its presence in the consumer UPI segment. In December, it received the RBI’s Payment Aggregator–Cross Border licence. 

Sector Background 

The licence allows Razorpay to handle inward and outward cross-border transactions. Its competitors include PayU, Adyen, and Stripe.  

Other investors include Matrix Partners, Y Combinator, Ribbit Capital, and Lightspeed. In India’s fintech sector, companies such as Groww, Pine Labs and One Mobikwik Systems have listed in recent years. 

PhonePe and Turtlemint are also preparing for public offerings. 

Read More: Razorpay POS Receives RBI Approval for Offline Payment Aggregator License! 

Conclusion 

The appointment of the syndicate signals the beginning of the listing process. The offering structure and schedule remain subject to further decisions. 

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