by BENGALURU: Fintech unicorn Razorpay has officially completed its reverse flip back to India, shifting its parent company’s domicile from the US to India, the firm’s co-founder and managing director Shashank Kumar said on Thursday.
The move makes India the company’s global headquarters, marking one of the most high-profile reversals of the earlier trend among Indian startups of flipping overseas for regulatory or investor access.“Yes, we’ve officially completed our reverse flip, and we couldn’t be more proud,” Kumar said in a statement. “This move marks a pivotal milestone in Razorpay’s journey. It is more than a structural move; it’s a powerful signal of belief, belief in India’s economic future, our regulatory ecosystem, and in the incredible potential of homegrown innovation.”Founded in 2014, Razorpay offers a suite of digital payment and banking solutions to Indian businesses and has grown into one of India’s leading fintech players. Like many startups in its cohort, Razorpay had earlier flipped its holding structure to the US in pursuit of global capital and regulatory flexibility. The company’s move to reverse that structure comes amid growing calls from Indian regulators and policymakers for high-growth startups to anchor themselves domestically.
“We started Razorpay with a dream to build for India, and today, we’re doubling down on that dream by making India not just our largest market, but our global headquarters,” Kumar said, calling the edecision a reflection of “deep-rooted confidence that India is no longer just a great place to build from, it’s the best place to lead from.”
In April, Razorpay transitioned into a public limited company, signalling a step forward in their long-term plans to go public in India. The move begins the process of public company compliance well in advance of its anticipated IPO in about two years, ensuring timely adoption of governance protocols.
Razorpay is expected to target an IPO between 2026 and 2027 financial years.
Valued at about $7 billion, Razorpay recorded Rs 2,068 crore in revenue and a profit of Rs 35 crore in the 2023-24 financial year. Other fintech companies such as Paytm and Mobikwik, are already listed on Indian exchanges, while Pine Labs and PayU are also planning IPOs in the coming year.
Razorpay joins a small but growing group of Indian startups, including Groww and Zepto, that have either completed or initiated reverse flips in recent quarters. The trend is being closely watched by the startup and investor community, especially as India strengthens its digital infrastructure, eas compliance norms, and signals openness to homegrown tech going public on Indian bourses.
