Razorpay filed draft papers for a ₹9,000 crore initial public offering, setting up the largest fintech listing in Indian market history.
The DRHP reveals annualised total payment volume of $180 billion and a second consecutive profitable year, with payments margins supplemented by a fast-growing merchant lending book.
The listing continues the great homecoming of Indian startups that flipped abroad — Razorpay completed its reverse-flip from the US in 2024 at a reported tax cost of over $150 million.
