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Razorpay begins IPO preparations, eyes Rs 4,500 Cr fresh issue: Report

EntrackrEntrackr · 8d ago
Razorpay begins IPO preparations, eyes Rs 4,500 Cr fresh issue: Report
Medial

Razorpay begins IPO preparations, eyes Rs 4,500 Cr fresh issue: Report Digital payments unicorn Razorpay has reportedly begun preparations for an initial public offering (IPO) and is looking to raise up to Rs 4,500 crore ($505 million) in fresh capital. According to an Economic Times report, the Bengaluru-based company has invited merchant bankers to pitch for the IPO mandate, with Kotak Mahindra Capital and Axis Capital emerging as key contenders. The IPO is likely to be launched towards the end of the year, though the timeline and issue size are not yet final. The report further added that Razorpay is also in discussions for a pre-IPO funding round, which is likely to be largely secondary in nature. Razorpay was last valued at $7.5 billion in 2021, when it raised $375 million during the peak of the funding cycle. Entrackr has reached out to Razorpay for comments. Razorpay converted itself into a public limited company in April last year, a development earlier reported exclusively by Entrackr. In the same year, the fintech unicorn also completed its reverse flip to India and paid around $150 million in taxes related to the move. In another recent development, the firm acquired a majority stake in POP UPI for $30 million and also secured a cross-border payment aggregator licence from the Reserve Bank of India. Founded by Harshil Mathur and Shashank Kumar, Razorpay has raised over $741 million in funding and counts GIC, Peak XV Partners, Z47 (formerly Matrix Partners India), and Tiger Global among its key investors. On the financial front, Razorpay reported a 65% year-on-year jump in consolidated revenue to Rs 3,783 crore in FY25, led by strong execution across its payment gateway, banking, POS, and international businesses, the company said in a statement. The company’s gross profit rose 41% to Rs 1,277 crore, although it reported a net loss due to ESOP-related expenses of Rs 1,209 crore and one-time costs linked to its redomiciling.

Razorpay acquires majority stake in POP with $30 Mn investment

EntrackrEntrackr · 7m ago
Razorpay acquires majority stake in POP with $30 Mn investment
Medial

Razorpay acquires majority stake in POP with $30 Mn investment Rewards-first UPI payments app POP has raised $30 million from Razorpay to grow its payments and commerce platform. With this, Razorpay has acquired a majority stake in the Bengaluru-based startup. While POP did not share further transaction details, it will operate as a separate entity. Earlier in June last year, POP had raised $2.4 million in its seed funding round led by India Quotient and a few prominent angel investors. The fresh proceeds will be used to improve its products, grow its merchant base, and enhance its rewards program. POP started its UPI platform in June 2024. It claims to have crossed 6 lakh daily transactions and 1 million unique monthly transactions within the first year. According to the company, it fulfilled 2 lakh orders and issued over 40,000 RuPay credit cards in collaboration with Yes Bank. POP’s main feature is POPcoins, a multi-brand rewards currency that consumers earn when making payments or shopping on the platform. These POPcoins can be redeemed across POP’s extensive merchant network, offering users flexible and valuable incentives. Razorpay’s investment in POP expands its services into loyalty, engagement, and commerce. POP’s payments and rewards ecosystem lets merchants reward transactions and payments directly. Previously in September 2022, Razorpay acquired PoshVine to add loyalty and rewards to its payments stack. POP will help Razorpay serve merchants by offering payments, loyalty, and engagement services in a single platform. The development follows Razorpay’s recent announcement to shift its domicile back to India from the US. While the company has no immediate plans for a public listing, it has completed key regulatory steps, including its transition into a public limited company and securing approval for the merger of Razorpay Inc. with Razorpay India. Razorpay stands out as one of the few profitable unicorns in the fintech space, having reported revenue of Rs 2,068 crore and a profit of Rs 35 crore in FY24. The company is yet to announce its FY25 results.

VC Lumikai eyes 10-12 deals via India Fund-II

Economic TimesEconomic Times · 1y ago
VC Lumikai eyes 10-12 deals via India Fund-II
Medial

Lumikai, a gaming and interactive media venture capital firm, plans to make 10-12 investments in pre-seed and Series A companies from its $50 million India fund II. The firm currently has $58 million in assets under management from 15 portfolio companies, with over 70% of them generating revenue. Lumikai is focused on interactive media sub-sectors, including content, platforms, tools and technology infrastructure, and systems of play. The Indian gaming industry has seen increased interest from various investors, leading to a surge in game development studios and the return of experienced talent. However, Lumikai sees limited potential in real money gaming and has adjusted its growth forecast for the sector.

Exclusive: Fintech unicorn Moneyview to convert into public company ahead of IPO

EntrackrEntrackr · 7m ago
Exclusive: Fintech unicorn Moneyview to convert into public company ahead of IPO
Medial

Fintech unicorn Moneyview is set to convert into a public company ahead of its IPO. The company recently changed its parent company’s name from “Whizdm Innovations Private Limited” to “Moneyview Private Limited.” The board has passed a special resolution to convert the company into a public entity, renaming it “Moneyview Limited.” Moneyview aims to raise over $400 million through its IPO, having appointed Axis Capital, Kotak Mahindra, and others as banking partners. Founded in 2014, Moneyview offers loans, credit cards, BNPL, and financial management tools, partnering with over 15 institutions. It has raised over $230 million from investors such as Accel and Tiger Global. For FY24, Moneyview's revenue increased by over 75% to Rs 1,012 crore, with a profit of Rs 171 crore. Other fintech firms like Pine Labs and Razorpay are also preparing to go public.

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