Razorpay’s IPO May Cross $700mn; Axis, Kotak Among Key Investment Banks

Fintech major Razorpay has shortlisted four investment banks for key advisory roles as it begins preparations for a proposed initial public offering (IPO), according to Moneycontrol.

According to the report, Razorpay has appointed Axis Capital, Kotak Mahindra Capital, JPMorgan Chase and Citigroup to its IPO syndicate. If required, more investment banks could be added to the syndicate at a later stage.

The proposed offering is expected to comprise a mix of primary and secondary share sales. While discussions are still at an early stage, the issue size is likely to exceed $700mn.

Razorpay was founded in 2014 by Harshil Mathur and Shashank Kumar. According to Tracxn, it raised $742mn in funding from investors across 11 rounds. In the latest series F funding round on December 21, 2021 it has raised $375mn. The company revenues stood at ₹3,900 crore as on March 31, 2025.

Razorpay currently holds all three key Reserve Bank of India (RBI) licences—online payment aggregator, cross-border payment aggregator and offline payment aggregator. Its offline payments arm, Razorpay POS, received a licence from the RBI last month to act as an offline payment aggregator.

Earlier this year, Economic Times reporter that the digital payments firm invited merchant banks to pitch for the IPO mandate, with Kotak Mahindra Capital and Axis Capital among the leading contenders to underwrite the issue.

While Razorpay is working toward a possible listing by the end of the year, the final timing and size of the offering will reportedly depend on market conditions and board approval.

Razorpay has high-profile investors such as Singapore’s GIC, Peak XV Partners, Z47 (formerly Matrix Partners India) and Tiger Global among its backers. Founders Mathur and Kumar continue to hold significant stakes in the company.