Indian fintech company Razorpay has picked four investment banks as advisors as it begins preparatory work for a proposed initial public offering (IPO).
Axis Capital, Kotak Mahindra Capital, JP Morgan and Citibank are expected to manage the IPO, according to a Moneycontrol report.
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One of the persons familiar with the development told the publication: “The IPO is likely to be a combination of primary and secondary issue of shares. These are early days but the plan is for the issue size to be in excess of $700m.”
Two other people also confirmed the development, the report added. One of them said additional investment banks may be added to the syndicate later if needed.
The company could target the IPO around the middle of this year.
Razorpay is an Indian fintech company that offers an API-led payments gateway and financial infrastructure platform for businesses.
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By GlobalDataThe company’s product suite supports payment acceptance, processing and disbursements across multiple payment modes. These include credit cards, debit cards, netbanking, UPI and digital wallets, according to its website.
The Bengaluru-based company was founded by IIT Roorkee alumni. It counts GIC, Peak XV and Tiger Global among its backers.
In December 2025, the company received a Payment Aggregator-Cross Border licence from the Reserve Bank of India (RBI). The approval enables Razorpay to process inward and outward cross-border transactions under regulatory supervision.
Tracxn data shows Razorpay raised $742m across 11 funding rounds. The post-money valuation stood at $9.2bn as of June 2025.
After it was contacted by Moneycontrol, Razorpay declined to comment on the report.
