Razorpay Flips Back to India, Sets Stage for Desi IPO

• Razorpay merges US entity with Indian arm, making India its global HQ.
• Converted to public limited company in April 2025; aims for domestic listing.
• Joins startups like Groww & Zepto in redomiciling to India.

In a major move underscoring the “build for India” vision, fintech unicorn Razorpay has successfully completed its reverse flip  shifting its parent company’s domicile from the United States to India. This strategic redomiciling strengthens its roadmap toward a much-anticipated Initial Public Offering (IPO) on Indian markets.

The company informed its board that the Regional Director (Southeast Region) of the Ministry of Corporate Affairs (MCA) has approved the merger of Razorpay Inc. (U.S.) with Razorpay Software Pvt. Ltd., its Indian counterpart headquartered in Bengaluru. This final approval officially concludes the restructuring, making India Razorpay’s global headquarters.

The move was enabled by new regulatory reforms, which allow companies to bypass the National Company Law Tribunal (NCLT) and instead follow a streamlined process via the Reserve Bank of India (RBI) and MCA. Razorpay stated that all formalities have been completed.

“Yes, we’ve officially completed our reverse flip, and we couldn’t be more proud. It is more than a structural move; it’s a powerful signal of belief,” said Shashank Kumar, Razorpay co-founder. “We started Razorpay with a dream to build for India, and today we are doubling down on that dream.”

The announcement follows Razorpay’s transition into a public limited company in April 2025, a regulatory step that signals growing readiness for its upcoming IPO. With this move, Razorpay joins a rising wave of Indian startups  including Groww, Zepto, Dream Sports, and Flipkart  that are relocating from the U.S. or Singapore to India due to increased regulatory clarity and ambitions to list locally.

Razorpay had initiated this redomiciling process in May 2023, aligning it with its goal of a stock market debut. The company is an RBI-licensed payment aggregator, with operations spanning cross-border payments, RazorpayX (neo-banking), and payment orchestration for enterprises.

Founded in 2014, Razorpay has raised $742 million in funding from investors such as Peak XV Partners, Tiger Global, GIC, and Ribbit Capital, and is valued at $8 billion. It processes an annual gross merchandise volume (GMV) of $180 billion.

For FY24, Razorpay posted Rs 2,500 crore in payments revenue and a net profit of Rs 34 crore in that vertical, although its overall business is still in loss. CEO Harshil Mathur has projected profitability for the entire company by 2026, with IPO preparedness as a key focus.

The reverse flip reflects a broader trend in India’s fintech ecosystem, especially as regulatory scrutiny increases. Notably, PhonePe paid close to $1 billion in capital gains tax to shift from Singapore to India in 2022. Razorpay is also expected to pay around Rs 1,245 crore in taxes due to the reverse flip, as reported by Moneycontrol.

The trend continues with Groww, which completed its reverse flip in May 2024 and filed for a confidential public listing. E-commerce giant Flipkart  majority owned by Walmart  has also secured approval for a similar transition as it eyes an Indian IPO by 2026.

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