Razorpay Closes $400 Million Pre-IPO Secondary at $12 Billion Valuation
Payments and business banking major Razorpay has closed a $400 million pre-IPO secondary transaction at a $12 billion valuation, paving the way for an Indian-listed IPO in early 2027.
Key Facts
| Detail | Value |
|---|---|
| Deal size | $400 M |
| Stage | Pre-IPO |
| Valuation | $12 billion |
| Sector | Razorpay |
| Coverage | Startup Funding |
Razorpay has closed a $400 million pre-IPO secondary at a $12 billion valuation, marking one of the largest fintech secondaries of 2026 and clearing the runway for its long-awaited Indian listing.
Round Snapshot
Why a Secondary
Razorpay completed its reverse-flip from the US to India in late 2025, paying a $283 million tax outflow. The secondary now resets the cap table with India-aligned long-only investors ahead of a confidential DRHP filing expected in Q3 2026.
Operating Highlights (FY26)
What's Next
Bankers Kotak, JP Morgan and Morgan Stanley are expected to be appointed within 60 days. A successful listing would make Razorpay the largest pure-play fintech listing on Indian bourses to date.
Reported by Rohit Menon. Spotted an error in this story? Request a correction or email corrections@startupory.com. See our editorial policy.
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