Razorpay, an Indian payments company backed by investors including Y Combinator, Lightspeed, and Singapore’s sovereign wealth fund GIC, has filed draft papers for a potential initial public offering with India’s market regulator, the Securities and Exchange Board of India (SEBI). Multiple reports say the filing is made confidentially, a route increasingly used by Indian startups. One outlet reports the company is seeking roughly $500 million, while another places the target range at about $500–600 million, with some accounts describing a $600 million-plus public issue. Coverage also links the timing of the IPO to a target of 2026 for its market debut.
The company’s corporate structure has recently changed: it converted into a public limited company in April 2025, and later completed a reverse “flip” to India. Reports also cite a valuation range of around $5 billion to $6 billion for the planned offering. The filings and deal size are reported to come from disclosures in advertisements and company-related reporting, and specific final terms are not yet confirmed publicly by SEBI or the company in these accounts.
