Razorpay recently filed confidentially for a $600 million initial public offering, aiming to make its stock market debut by the end of the year. As first reported by Reuters, the Indian payments startup later confirmed the filing directly to PYMNTS but declined to disclose its targeted valuation.
The public market push follows a 2021 funding round that valued Razorpay at roughly $7.5 billion after it raised $375 million. The company competes in digital payments against Cashfree, BillDesk, Paytm, and Walmart-backed PhonePe. PhonePe previously halted its own $9 billion to $10.5 billion IPO plans, with founder and CEO Sameer Nigam stating to PYMNTS, "We remain committed to a public listing in India."
Razorpay generates revenue through merchant transaction fees by enabling businesses to process online payments via cards, digital wallets, and India’s Unified Payments Interface. The platform has expanded into automated merchant lending and payroll management to diversify revenue ahead of the listing.
To expand its software capabilities, Razorpay previously integrated OpenAI models to launch an artificial intelligence payment feature called Agentic Payments. The technology allows ChatGPT users in India to locate products and instantly complete transactions, with an AI assistant handling the transaction securely on behalf of the consumer.
