Razorpay files for SEBI IPO via confidential pre-filing, seeks $600 million
Razorpay, one of India's top fintech startups, just filed for an IPO with the Securities and Exchange Board of India (SEBI) and hopes to raise up to $600 million.
They used SEBI's confidential pre-filing route, which means the financial details stay private for now.
The final amount they raise will depend on how the market shapes up.
Razorpay revenue up 65% to ₹3,783cr
Founded by IIT Roorkee graduates Harshil Mathur and Shashank Kumar in 2014, Razorpay's revenue jumped 65% last year to ₹3,783 crore, thanks to their payment gateway business, RazorpayX and expanding international business.
Even though they reported a net loss of ₹1,209 crore (mostly from employee stock option plan expenses and taxes), they're pushing ahead after moving their parent company from the US to India, a smart move as more Indian tech firms are lining up for public listings.