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

EntrackrEntrackr · 2m 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.

PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets

EntrackrEntrackr · 17d ago
PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets
Medial

PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets Digital payments platform PhonePe has temporarily paused its initial public offering (IPO) plans due to ongoing geopolitical tensions and volatility in global financial markets. In a press statement on Monday, the company said it has deferred its public market listing process and will resume the IPO once stability returns to global capital markets. PhonePe’s IPO delay comes amid tensions involving Iran, the US, and Israel, which have increased volatility in global markets and affected investor sentiment, prompting several IPO-bound companies to delay their listings. PhonePe CEO Sameer Nigam said the company remains committed to going public in India despite the temporary pause. He also expressed hope for a quick resolution to the ongoing Iran–Israel–US conflict. Founded in 2016, PhonePe is one of India’s largest digital payments platforms, with over 650 million registered users and a merchant network of more than 47 million. In February, it led UPI among third-party apps with 9.28 billion transactions worth Rs 13,10,392.95 crore, holding a 45.5% share by volume and 48.8% by value. Earlier this year in January, PhonePe filed its updated DRHP with Securities and Exchange Board of India (SEBI) to raise around Rs 12,000 crore (approximately $1.5 billion) through an IPO. According to multiple media reports, the company was targeting a valuation of around $10.5 billion. Notably, in October last year, General Atlantic invested $600 million in PhonePe at a valuation of roughly $14.5 billion. The decision to hold the IPO comes amid heightened market volatility, which could potentially impact the company’s valuation. PhonePe’s largest shareholder Walmart may prefer to avoid listing under uncertain market conditions that could compress its valuation. While PhonePe may be a relatively small bet for Walmart, the company’s valuation remains crucial for the fintech firm, making the timing of its public market debut an important factor.

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