Razorpay Posts 65% Revenue Jump in FY25 as IPO Preparations Advance
- 20th April 2026
- 01:00 PM
- 3 min read
Summary
Razorpay's revenue grew 65% to Rs 3,783 crore in FY25, its strongest annual performance on record, as the digital payments company completes the regulatory groundwork for a potential stock market listing. Razorpay has not made a public announcement confirming an IPO filing, valuation, or timeline. The company's core payments business turned EBITDA-positive during the year.Mumbai | 20 April 2026
Razorpay recorded revenue of Rs 3,783 crore in FY25, up 65% from Rs 2,296 crore in FY24, as the Bengaluru-based fintech moves closer to the public markets following a complex corporate restructuring completed last year.
H2: How Did Razorpay Perform in FY25?
Revenue growth was driven by Razorpay’s core payment gateway, point-of-sale solutions, its business banking platform RazorpayX, and an expanded international operations segment.
Gross profit rose 41% to Rs 1,277 crore. The online payments business reached EBITDA-positive territory, a milestone the company flagged in its disclosures.
Net loss for FY25 stood at Rs 1,209 crore. The company attributed this to ESOP expenses, tax liabilities from its reverse flip to India, and one-time restructuring costs.
Razorpay currently processes $180 billion in total payment value annually, per its own disclosures, up from $150 billion reported in 2023.
H2: What Regulatory Steps Has Razorpay Completed?
Razorpay completed a reverse flip in 2025, shifting its corporate domicile from the United States back to India. The restructuring involved a one-time tax outlay of approximately Rs 1,275 crore, funded from internal cash reserves.
In April 2025, the company converted to a public limited company, a mandatory regulatory step before any stock exchange listing in India. Razorpay holds RBI authorisation as a payment aggregator and an RBI cross-border payments licence.
These steps close out the corporate cleanup phase, leaving market timing and SEBI approval as the remaining variables.
H2: What Do Media Reports Say About the Razorpay IPO?
Razorpay has not filed a Draft Red Herring Prospectus with SEBI. No price band, issue dates, or confirmed banker appointments have been announced by the company.
Media reports indicate the proposed offering may include a fresh issue of up to Rs 4,500 crore. Kotak Mahindra Capital and Axis Capital are reportedly among the banks in discussions for the mandate. A listing by end of 2026 is described in these reports as tentative, subject to market conditions and regulatory approvals.
Grey market activity is inactive at this stage, given the early timeline.
Company Background
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has raised $741 million to date. Investors include Peak XV Partners and GIC. Its last funding round, completed in 2021, raised $375 million.
The company competes with PayU, Paytm, PineLabs, and Cashfree in India’s digital payments market. It serves primarily small and mid-size merchants and entered the consumer payments space through a majority stake acquisition in POP UPI.
H2: Outlook
Razorpay’s online payments segment has reached EBITDA-level profitability, but the company remains in net loss territory at the consolidated level. A public listing requires DRHP filing, SEBI review, and market clearance, none of which have been completed. Until a formal filing is made, all IPO details remain subject to change.
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