IPO Bound Razorpay Completes Reverse Flip From US To India

IPO-bound Razorpay has completed the reverse flipping process, shifting its domicile from the US to India.

The payments company, in the runup to the IPO, had also turned into a public entity, and changed its name from Razorpay Software Private Limited to Razorpay Software Limited. It initiated the process of reverse flipping in 2023.

"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," said Shashank Kumar, co-founder and managing director, Razorpay.

Several other startups in the ecosystem like Meesho, and Pine Labs are also in the process of flipping back bases to India, as they plan to list on the bourses. Earlier this year, quick commerce unicorn Zepto reverse-merged from Singapore to India. Razorpay plans to list the company in FY28, and is also focusing on boosting revenues.

"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," the spokesperson added.

Razorpay is also focusing on international expansion, with its move to expand services in Singapore and also plans to launch its services in other Asian countries. The company in the recent past has also launched new offerings with AI elements, for instance it launched corporate credit cards for start-up founders in partnership with Yes Bank.

Founded in 2014 by Harshil Mathur and Shashank Kumar, the company has raised $739 million in funding till date.