Y Combinator- and Peak XV-backed fintech unicorn Razorpay has got the market regulator Securities and Exchange Board of India (SEBI) approval for its initial public offering, according to a source familiar with the development.
The company is looking to go public as soon as the first quarter of calendar year 2027 at a valuation of $5 billion, the source added.
Razorpay could not be reached immediately for comments.
The Bengaluru-based fintech firm had confidentially filed draft papers with SEBI earlier in June, Moneycontrol reported. Under SEBI's confidential pre-filing route, companies can submit draft offer documents without publicly disclosing sensitive business and financial information.
The proposed public issue is expected to raise over $500-$600 million, although the final size could change depending on market conditions and investor demand.