India-based Razorpay, a fintech company that provides payments and banking software for businesses, has received Securities and Exchange Board of India approval for a proposed 5,000 rupees (US$53) to 60 billion rupees (US$634 million) initial public offering, according to sources.

The company is targeting a valuation of about US$5 billion, the sources said.

Razorpay has also completed its reverse flip to India and moved its global headquarters from the US.

Razorpay’s revenue grew 24% in FY24 to 20.7 billion rupees (US$219 million).

Its total income crossed 25 billion rupees (US$264 million).

The Reserve Bank of India also lists Razorpay among entities that can operate as payment aggregators.

Razorpay filed draft IPO papers confidentially in June.

The optional mechanism from the Securities and Exchange Board of India allows confidential pre-filing, with a public filing required after the regulator’s observations if the company decides to proceed.

🔗 Source: Press Trust of India

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