Razorpay confidentially files DRHP for ~$600M IPO; FY25 revenue jumps 65% to Rs 3,783 cr
Razorpay submitted a pre-filed DRHP with SEBI targeting a ~$600M IPO, with Axis Capital, Kotak, JP Morgan and Citi as bankers. FY25 revenue grew 65% to Rs 3,783 cr and gross profit rose 41% to Rs 1,277 cr, though Rs 1,209 cr ESOP expense and a $150M redomicile tax weighed on the bottom line.
Razorpay confidentially filed its pre-filed DRHP with SEBI for a ~$600M IPO, with Axis, Kotak, JP Morgan and Citi as bankers. FY25 revenue rose 65% to Rs 3,783 cr; net loss driven by ESOP and redomicile costs.
Why this matters
Razorpay's confidential DRHP filing follows weeks of reports flagging a $5-6B valuation target and Rs 5,700-cr issue size, now backed by FY25 financials showing strong revenue growth despite ESOP and redomicile tax drags.
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