Razorpay Completes Reverse Flip to India Ahead of IPO Plans

Razorpay Reverse Flip is now official as the fintech unicorn has moved its parent company’s domicile back to India from the U.S.. As per NDTVprofit, the company has also changed its name from Razorpay Software Private Limited to Razorpay Software Limited, ahead of its IPO.

Shashank Kumar, co-founder and Managing Director, Razorpay, said, “We’ve officially completed our reverse flip, and we couldn’t be more proud. 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.”

Why Razorpay Returned to India

Razorpay’s return to India story is part of a larger trend seen among several Indian startups that initially incorporated overseas. The move is often called a “reverse flip” as the companies shift their legal base from countries like the US or Singapore back to India to meet local regulatory norms for IPOs.

Other startups in the ecosystem, including Meesho, Pine Labs, and Groww, are also shifting their base back to India as they gear up for stock market listings. Earlier this year, Zepto also moved its headquarters from Singapore to India through a reverse merger. Razorpay, which is planning to go public in FY28, is currently concentrating on increasing its revenue as part of its IPO preparations.

Razorpay’s decision was driven by its long-term ambition to list on Indian stock exchanges. The shift is seen as a vote of confidence in India’s growing capital markets and a nod to the country’s booming fintech ecosystem.

Razorpay IPO Plans in Motion

With its legal base now in India, Razorpay’s IPO plans are slowly taking shape. The company had earlier mentioned that it was exploring the IPO route and working on strengthening its corporate governance and compliance frameworks. Shifting base to India is one of the first and most important steps in that journey.

Sources suggest that Razorpay is preparing the groundwork to list within the next couple of years. This move makes the company one of the top contenders in the Indian Fintech IPO 2025 pipeline, which is expected to include a mix of digital-first banks, payment companies, and lending platforms.

A Closer Look at Razorpay’s Growth

Razorpay has emerged as one of India’s most prominent fintech players. It started as a payment gateway service and has expanded to offer banking services for businesses, payroll solutions, and even credit offerings.

In recent years, the company has seen strong growth across multiple product lines. Its merchant base continues to grow, and its revenue from payment processing, banking tools, and lending services has shown steady upward movement. Razorpay’s IPO move in India is seen as a natural next step to unlock more capital and scale its services further.

What It Means for the Fintech Ecosystem

Razorpay’s Reverse Flip sets a powerful example for other startups. Many Indian companies are now evaluating similar moves, encouraged by changes in local listing regulations and a stronger capital market outlook.

Razorpay’s return to India could also encourage more domestic and global investors to look at the fintech sector with renewed interest. As India becomes a preferred listing destination for homegrown tech companies, it is likely to attract more attention from institutional investors.

In the end, Razorpay’s strategic shift is more than just a legal formality as it reflects the confidence Indian startups now have in the local market. If all goes according to plan, Razorpay’s IPO could become one of the biggest tech listings in the country, setting the tone for others to follow.