समाचार Samāchār · Startups · 4 November 2026

Razorpay clears Sebi, reports say. The valuation sits a third below 2021

The payments company that moved home from the US can now go to the public market. Reports put the issue at up to ₹6,500 crore at about $5 billion. Neither Razorpay nor Sebi has confirmed it.

Razorpay has Sebi’s approval for its IPO, according to reports on Tuesday that cite people familiar with the matter. The Economic Times reported it. Entrackr and others carried it. The company has not commented and Sebi has not confirmed it. Treat the numbers below as reported until the updated draft papers are public.

The price is the news. Reports put the valuation at about $5 billion, or ₹49,000–50,000 crore. Razorpay was valued at $7.5 billion in 2021 when it raised $375 million. That is one third lower after five years of growth. Accounts of the issue size differ, from ₹5,000–6,000 crore to ₹5,500–6,500 crore. Shareholders approved a fresh issue of up to ₹2,700 crore, per filings MediaNama reported in May. The rest would be an offer for sale by existing investors.

The road home cost money. Razorpay moved its parent from the US to India in 2025 and paid about $150 million in related taxes. FY25 revenue rose 65% to ₹3,783 crore. The net loss was ₹1,209 crore, which the company’s reported accounts tie largely to ESOP costs and reverse-flip taxes. FY26 numbers are not yet public because the June filing was confidential.

Timing is open. The earliest reported listing is December, with the first quarter of 2027 as the working plan. Volatile markets could push it later. Investors will have listed comparisons in Paytm and Pine Labs, and PhonePe also has Sebi’s approval this year. Uncertainty over UPI merchant charges may weigh on pricing.

Credit where due. Harshil Mathur and Shashank Kumar started this company in 2014 and built it on India’s payment rails. A home listing puts it where Indian savers can own a piece of that rail economy. That is a good outcome for the country at any valuation the market sets.

What a founder takes from it: A peak private round is an opinion. A listing is a price. Founders should plan for the second, and count the cost of an offshore structure before they build one.