Fintech major Razorpay has reportedly roped in four investment bankers to helm its upcoming initial public offering (IPO).

Sources told Moneycontrol that the fintech giant has shortlisted Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi as advisory to oversee the listing, adding that the company could add more investment banks to its kitty later if required. 

As per the report, Razorpay is looking to float a public issue in excess of $700 Mn (₹6,340 Cr), which will comprise a combination of primary and secondary issue of shares. 

“The IPO is likely to be a combination of primary and secondary issue of shares. These are early days but the plan is for the issue size to be in excess of $700 Mn,” a source reportedly said. 

This comes nearly a year after the fintech unicorn’s board approved a proposal to convert the startup into a public entity in March 2025. Two months later, the company reverse flipped back to India by merging its US-based parent entity with its Indian arm Razorpay Software Pvt Ltd.

Earlier this year, reports emerged that the fintech major was soliciting bids from bankers like Kotak Mahindra and Axis Capital for its potential listing. At the time, Razorpay was also said to be negotiating a pre-IPO round to hit a valuation benchmark.

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay offers a full-stack payments and financial services platform, spanning payment acceptance, disbursals, lending and business banking. It claims to cater to more than 8 Mn businesses. 

The startup has so far raised over $816 Mn from marquee names such as Tiger Global, Peak XV Partners and Lightspeed.

On the financial front, the company claimed that its operating revenue surged 65% YoY to INR 3,783 Cr in FY25 from INR 2,296 Cr in the previous fiscal year. The fintech major also said it slipped into the red during the fiscal year due to an ESOP expense of INR 1,209 Cr and a one-time cost related to its reverse flip to India. 

With this, Razorpay is looking to join the likes of fintech players such as Groww and Pine Labs, which have listed on the bourses in recent months. Besides, a slew of other fintech players, including PhonePe, Kissht, Turtlemint and InCred Holdings have also filed their draft red herring prospectuses (DRHPs) with markets regulator SEBI to list on the exchanges.