The company is backed by investors including Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV. (Image Source: Agencies) Fintech major Razorpay has received the green light from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering (IPO), which is expected to raise between Rs 5,000 crore and Rs 6,000 crore, according to a PTI report citing people familiar with the matter. The company is aiming for a valuation of approximately $5 billion through the public issue, sources said in the report. The regulatory approval marks an important step towards Razorpay's entry into the listed market, as the fintech company looks to expand its presence in India's financial services industry. Razorpay had initiated its IPO preparations by submitting preliminary offer documents to SEBI through the confidential pre-filing mechanism in June. This route allows companies to seek regulatory feedback on their proposed public issues without making all sensitive business and financial details available to the public at the initial stage. With the regulator's approval now in place, the company has moved another step closer to launching its public offering. The proposed issue size is pegged at Rs 5,000-6,000 crore, while the targeted valuation stands at around $5 billion. However, further details regarding the IPO structure, pricing and timeline have not been disclosed in the information currently available. Established in 2014 by Harshil Mathur and Shashank Kumar, Razorpay started as a payments-focused business but has gradually diversified into a wider range of financial technology services. Its integrated platform provides businesses with solutions covering payment acceptance, banking services, payouts, payroll management, lending and other financial requirements. The company caters to millions of merchants across the country, including startups, small and medium-sized enterprises (SMEs) and large corporations. Its broader product portfolio is aimed at helping businesses manage multiple financial operations through a single platform. Razorpay became a unicorn in 2020, joining the group of privately held startups valued at more than $1 billion. Since then, it has continued to strengthen its position in India's fintech ecosystem by expanding its offerings beyond its original payments business. Razorpay has attracted investments from several prominent domestic and international investors during its growth journey. Its list of backers includes Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital and TCV. The company's proposed public listing will mark an important milestone for its investors as well as the broader Indian fintech sector, where several digital financial services businesses are exploring opportunities to access public markets. Get Latest News live on Times Now along with Breaking News and Top Headlines from Business, Companies and around the world. She is working as a Chief Copy Editor at Times Now’s Business Desk, where she covers key developments in the stock market, Indian corporates across se... View More