Razorpay turns into public entity amidst reverse flipping back to India

While Razorpay has no immediate plans to go public, this step marks its entry into the long lineup of startups reverse flipping to go public in the near future.

Apr 18, 2025 - 16:23

Razorpay turns into public entity amidst reverse flipping back to India

Tiger Global-backed Razorpay has transitioned into a public entity, as it aims to list on Indian public bourses in the near future.

The fintech company is in the midst of reverse flipping back to India from its base in the US—a rising trend in the startup ecosystem as the Indian IPO markets see rejuvenated activity and easier compliances.

Razorpay has changed the company name from Razorpay Software Private Limited to Razorpay Software Limited.

India’s payment gateway segment is seeing heightened activity amidst rising smartphone usage and increased internet penetration.

In FY24, the fintech firm's profit after tax increased nearly 5X to Rs 34 crore compared to Rs 7 crore earned in the previous fiscal year, according to a press note.

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However, Shashank Kumar, Co-founder of Razorpay, had previously said the company would not look to list, at least not until it is profitable “at a group level”, and the company does not have any immediate plans.

Razorpay’s conversion comes amidst fellow Tiger Global portfolio company and fintech major, PhonePe, converting into a public entity as it gears up to list on public bourses.

According to Tracxn, Razorpay last raised $375 million in a Series F round in December 2021 and was valued between $4.76 and $7.97 billion, as of August 2022.

The Bengaluru-based company’s cap table also includes notable investors like Peak XV Partners, Y Combinator, Ribbit Capital, and Salesforce Ventures, among others.

Edited by Suman Singh