Fintech main Razorpay has begun early preparations for a possible IPO, with a list focused across the finish of 2026, in accordance with the ET report.

The Bengaluru-based firm has invited proposals from service provider bankers, together with Kotak Mahindra Capital and Axis Capital, to handle the proposed public subject, the report famous.

As per the report, the IPO is anticipated to incorporate a contemporary subject of shares price about Rs 4,500 crore. The ultimate measurement and timing of the providing, nevertheless, stay topic to market situations and board approvals.

Alongside the IPO course of, Razorpay can also be exploring a pre-IPO funding spherical, largely by way of secondary stake gross sales, to determine a valuation benchmark forward of a list. Sources cited within the report mentioned the corporate is properly capitalised and isn’t seeking to elevate speedy main capital from personal markets.

Razorpay was final valued at round $7.5 billion following a $375 million fundraise in 2021. The transfer in direction of a public itemizing comes almost a 12 months after the corporate’s board authorised its conversion right into a public restricted entity, a procedural step required forward of an IPO.

In Might 2024, the startup additionally accomplished a reverse flip, re-domiciling its headquarters to India from the US, and paid almost $150 million in taxes as a part of the method, sometimes called “Desh Wapsi”.

Based in 2014 by Harshil Mathur and Shashank Kumar, Razorpay operates an omnichannel funds and banking platform and has steadily expanded its product suite through the years. Its choices now span cost gateways, point-of-sale options, enterprise banking by way of RazorpayX, SME payroll administration, lending, insurance coverage, loyalty programmes and cross-border funds.

The corporate has additionally acquired a majority stake in POP UPI for about $30 million and secured a cross-border cost aggregator licence from the Reserve Financial institution of India, strengthening its worldwide funds capabilities.

On the monetary entrance, Razorpay reported consolidated working income of Rs 3,783 crore in FY25, a year-on-year improve of about 65% from Rs 2,296 crore within the earlier fiscal. Gross revenue stood at Rs 1,277 crore. The corporate, nevertheless, reported a internet loss for the 12 months, largely resulting from worker inventory possession plan bills of Rs 1,209 crore and one-time prices linked to its re-domiciling train.

Razorpay has raised greater than $739 million so far and counts traders akin to Tiger International, Y Combinator, GIC, Matrix Companions India, Peak XV Companions and Z47 amongst its backers.