Razorpay Software Ltd

Indicative price history

Key highlights

• FY25 revenue ₹3,783 Cr (FY24 ₹2,475 Cr); gross profit ₹1,277 Cr; net loss after ₹1,209 Cr ESOP charge and flip tax.
• Confidential DRHP filed 12 Jun 2026; ₹5,000–6,000 Cr issue at a reported ₹50,000–60,000 Cr valuation; listing targeted end-2026.
• Reverse flip from the US completed in 2025; last private round $375 million at $7.5 billion (Dec 2021).
• No UnlistedZone rate (page shows ₹0); ₹85.12 is Planify's 26 Jul 2026 quote and the 640 Cr share count is an estimate.

About Razorpay

Razorpay is a Bengaluru fintech founded in 2014 by Harshil Mathur and Shashank Kumar (Y Combinator, 2015) that processes online payments for merchants through its payment-gateway and payment-aggregator platform, and has expanded into business banking (RazorpayX), payroll (Opfin), lending to merchants (Razorpay Capital), offline point-of-sale (Ezetap, acquired 2022), cross-border and international payments, and subscription and invoicing tools. It holds the Reserve Bank of India's payment-aggregator authorisation and serves millions of businesses from startups to large enterprises; its own disclosures have put annualised total payment volume above $180 billion.

The company was built under a US parent, Razorpay Inc., which raised about $740 million from Peak XV (Sequoia), Tiger Global, GIC, Ribbit Capital, Matrix, Y Combinator, Mastercard, Lone Pine, Alkeon and TCV, the last round in December 2021 valuing it at $7.5 billion. In 2025 it completed a reverse flip — merging the US parent into the Indian operating company so that Razorpay Software, now a public limited company, is the listing entity. The flip triggered a one-time tax charge in the US and India. Razorpay pre-filed a confidential draft red herring prospectus with SEBI on 12 June 2026 (newspaper announcement 15 June) for an issue reported at ₹5,000–6,000 Cr comprising a fresh issue and an offer for sale, at a valuation discussed around ₹50,000–60,000 Cr ($5–6 billion) — a markdown from the 2021 round — with a listing targeted by the end of 2026.

Financially, consolidated revenue rose to ₹3,783 Cr in FY25 from ₹2,475 Cr in FY24 and ₹2,279 Cr in FY23 (the FY24 base is the Indian entity's reported figure; press describes FY25 growth as about 65%, which implies a different restated base). Gross profit was ₹1,277 Cr and the core payments business was EBITDA-positive, but the company reported a net loss after ₹1,209 Cr of ESOP expense and the one-time reverse-flip tax; the FY25 loss in the table below (about ₹1,200 Cr) is an estimate pending the DRHP. FY23 and FY24 profits were small (₹7 Cr and ₹34 Cr). Balance-sheet lines are estimates: the post-flip net worth is assumed near ₹6,000 Cr, in line with the capital raised, and borrowings are assumed minimal.

Rate caveat: UnlistedZone's page shows ₹0 with no price history (its last date stamp is August 2021), so no UnlistedZone rate exists. The ₹85.12 shown is Planify's quote as of 26 July 2026 (face value ₹10); Planify's own page also carries a ₹14,768 52-week high and a -99.98% return, which looks like an unadjusted pre-flip or pre-split series rather than a crash, and IPO Guru lists the price as available on request. The share count of about 640 Cr is reverse-engineered so that ₹85 matches the ₹55,000 Cr valuation in IPO coverage; it is not a registry figure. On those assumptions the implied market capitalisation is roughly ₹54,500 Cr — about 14x FY25 revenue and 9x the assumed book value; the P/E is not meaningful on an ESOP-driven loss. Do not trade on this page's rate or share count without a dealer confirmation.

Verification status (10 Oct 2026): FY25 revenue, gross profit, ESOP charge, loss, the June 2026 confidential DRHP, issue size and valuation range come from press (Business Today, Outlook Business, Medianama, Kotak Neo, Angel One) via search snippets; ISIN from UnlistedZone and Planify; FY23/FY24 revenue and profit from earlier press reports of the Indian entity's filings (recalled, not re-verified). CIN, incorporation date, registered office, share count, face value, board composition, shareholding and all balance-sheet and cash-flow lines are unverified or estimated. Spend a verification search on the DRHP summary before publishing.

Where the revenue comes from

• Payment gateway and aggregation75%

  Online acceptance for merchants, including cross-border (share estimated)

• Business banking, payroll and lending15%

  RazorpayX, Opfin payroll, Razorpay Capital merchant loans (share estimated)

• Offline POS and other10%

  Ezetap point-of-sale and value-added services (share estimated)

Products & services