Razorpay CEO Harshil Mathur sees potential for Indian fintechs to export their payments expertise to global markets. As the company prepares for a potential public market debut with a confidentially filed IPO plan, investors are weighing its strong revenue growth against the challenges of intense competition and current losses.
Razorpay, one of India’s leading payment gateways, is looking toward international expansion as it prepares to potentially enter the public markets. At the Global FinTech Fest 2026 held this week, CEO Harshil Mathur noted that Indian fintech companies have gained significant experience by building and scaling complex systems at home, particularly around the Unified Payments Interface (UPI). This expertise now positions them to potentially offer similar solutions in international markets like Southeast Asia, which are currently developing their own real-time payment frameworks.
For investors, this vision of global expansion is developing alongside the company’s plans for an initial public offering (IPO). Razorpay confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 12, 2026. The company is reportedly planning an IPO estimated at ₹5,000 to ₹6,000 crore. As the company is not currently listed on stock exchanges, this potential listing is a key event for the Indian startup ecosystem.
The company’s financial performance shows a mix of rapid growth and ongoing investment. For the fiscal year 2025, Razorpay reported a revenue of ₹3,783 crore, a 65% increase compared to the previous year. However, the company also reported a net loss of ₹1,209 crore. According to the company's financial disclosures, these losses are largely attributed to non-recurring expenses, including costs related to employee stock ownership plans (ESOPs) and tax liabilities arising from its corporate relocation, or 'reverse flip,' back to India.
While the prospect of a public listing and global expansion is significant, the business operates in a highly competitive environment. Razorpay faces pressure from both established domestic players like Cashfree and PayU, as well as global entities such as Stripe. Success in these markets requires not just technological ability but also the navigation of regulatory hurdles. The company’s operations are heavily dependent on licenses from the Reserve Bank of India, and any changes in payment aggregation or cross-border payment regulations could directly impact business models.
Looking ahead, the primary focus for market observers will be the progress of the IPO through the regulatory pipeline. Investors will likely monitor how the company balances its high-growth strategy with the need to improve profit margins and successfully execute its international expansion plans amid stiff competition.