MC EXCLUSIVE Razorpay picks 4 i-banks for $700 mn plus IPO

Razorpay

• Razorpay selects 4 banks for its planned IPO syndicate.
• IPO could surpass $700M with primary and secondary shares.
• Razorpay valued at $9.2bn, revenue hits Rs 3,900 crore by March 2025.

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Fintech major Razorpay has shortlisted 4 investment banks as advisors for key roles as it kickstarts work on a proposed initial public offering (IPO), multiple industry sources in the know told Moneycontrol.

Founded by IIT Roorkee alumni, the Bengaluru based leading omnichannel payments and banking platform for businesses is backed by the likes of GIC, Peak XV and Tiger Global.

“Post recent pitches, Razorpay has picked Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi for its IPO syndicate,” said one of the persons above.

A second person added, “The IPO is likely to be a combination of primary and secondary issue of shares. These are early days but the plan is for the issue size to be in excess of $700 mn.”

Two other persons confirmed the same. One of them said that more investment banks could be added to the syndicate at a later stage if required.

All the four persons above spoke to Moneycontrol on the condition of anonymity.

When contacted, Razorpay declined to comment. Email queries have been sent and Moneycontrol could not elicit an immediate comment from the banks.

According to Tracxn, Razorpay, founded in 2014 by Harshil Mathur and Shashank Kumar, has raised $742 mn in funding from investors across 11 rounds and its post-money valuation as of June 16, 2025 stood at $9.2bn. The revenues stood at Rs 3,900 crore as on March 31, 2025, Tracxn data said.

In June 2025, Razorpay invested around $30 million in consumer payments platform POP, marking a strategic push to tap into India’s rapidly expanding consumer UPI market.

Its competitors include PayU, Adyen and Stripe. Matrix Partners, Y Combinator, Ribbit Capital and Lightspeed are the other external investors.

As per the firm’s website, “Razorpay is the only payments solution in India that allows businesses to accept, process and disburse payments with its product suite. It gives you access to all payment modes including credit card, debit card, netbanking, UPI and popular wallets.”

In December, the firm received RBI’s Payment Aggregator-Cross Border (PA-CB) licence, enabling it to facilitate both inward and outward cross-border transactions.

In the fintech space, Groww, Pine Labs and One Mobikwik Systems have made their public market debuts while the likes of PhonePe and Turtlemint have received the nod from the market regulator and are IPO-bound. Incidentally, the share price of One97 Communications ( Paytm) has surged by nearly 50 per cent in the last year.