Razorpay completes reverse flip to India

Fintech unicorn Razorpay has finalized its reverse flip to India, joining a growing list of unicorns that have relocated their domicile back to their home country in recent months.

 This development follows Razorpay’s transition into a public limited company. Recently, the Regional Director in Hyderabad approved the amalgamation of Razorpay Inc. with Razorpay India.

According to media reports, the Bengaluru-based payments unicorn is targeting an IPO by 2026–27.

Confirming the development of reverse flip to India, Razorpay's co-founder & MD, Shashank Kumar said, "Yes, 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.”

“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. This move reflects our deep-rooted confidence that India is no longer just a great place to build from - it’s the best place to lead from,” he added.

Several prominent startups including PhonePe, Zepto, Dream11, and Groww have already completed their reverse flip, officially relocating their domiciles back to India. Meanwhile, others such as Meesho, Razorpay, Pine Labs, Eruditus, Livspace, Mensa, and KreditBee are currently awaiting final regulatory approvals to make the move. Last month, Flipkart’s board approved the company’s plan to shift its legal base from Singapore to India.

Razorpay has raised over $800 million across multiple funding rounds and was last valued at approximately $7.5 billion. Like other companies that have undergone a reverse flip, Razorpay is likely to face a substantial tax liability due to its high valuation.

In FY24, Razorpay reported a revenue of Rs 2,068 crore and a profit of Rs 35 crore. The company operates in a competitive space alongside rivals such as Cashfree, which generated Rs 642 crore in revenue during the same fiscal year, and PayU, which posted FY24 revenues of $444 million (roughly Rs 3,800 crore).