Upcoming Fintech Listings: Groww, Razorpay & PayU Gear Up for IPO

India's fintech zone is humming with anticipation as principal players like Razorpay, PayU, and Groww tools up for their Initial Public Offerings (IPOs). These listings are anticipated to redefine the financial offerings landscape in the country, showcasing a strategic shift for some businesses and an expansion for others.

Razorpay's Strategic Public Debut

Fintech unicorn Razorpay is moving closer to its predicted IPO by converting to a public limited company, aiming to go public by 2026-2027. This strategic selection includes relocating its headquarters from the U.S. to India, a procedure referred to as a "reverse flip," which aligns with first-class governance practices and prepares the corporation for an Indian listing. 

Razorpay's reverse turn, initiated in May 2023, concerned merging its Delaware-registered figure entity with its Indian subsidiary, Razorpay Software India Pvt Ltd, thereby consolidating all business activities below Indian jurisdiction. This restructuring resulted in a significant subsequent tax payment of approximately ₹1,245 crore (i.e., $150 million) to the Indian authorities, funded totally from the business enterprise's reserves. The company, founded in 2014, changed into ultimately worth $7.5 billion in a 2021 funding round.

Financial Performance and Operations

In the financial year 2024 (FY24), Razorpay reported general total revenue of Rs 2,501 crore, a 9% year-on-year growth, and net earnings of Rs 35 crore, which is five times better than the preceding year. The company's core payment gateway business saw a 24% increase in revenue, achieving Rs 2,068 crore in FY24. This increase came about notwithstanding a regulatory embargo on including new merchants for the first nine months of FY24. Razorpay additionally has mentioned techniques with an annualized overall payment extent (TPV) of $180 billion. 

As of FY24, Razorpay's overall payment extent reached $150 billion, with over 50,000 companies using its services, and it had especially captured a huge portion of the Direct-to-Consumer (D2C) marketplace share and stake of percentage and including servicing 63% of India’s D2C Brands.

PayU's Recalibrated IPO Strategy

Prosus-owned PayU has behind schedule its IPO plans, at first aimed for 2024, to 2026, prioritizing operational improvements and profitability. The initial delay turned into marketplace volatility and regulatory hurdles. The Reserve Bank of India (RBI) had formerly limited PayU from onboarding new merchants, which impacted its bills business. 

However, PayU received the very last and final approval from the RBI to function as an online payment aggregator in May 2025. This approval allowed the business enterprise to renew onboarding new traders, with over 4,000 traders onboarded inside the first half of FY25 alone.

Financials and Strategic Moves

In the financial year ended March 2025 (FY25), PayU India's average sales improved by 24% to $669 million (about Rs 5,778 crore), driven by a 63% growth in its credit score enterprise. The bills enterprise reported a 12% year-on-year increase in revenue to $498 million (about Rs 4,317.6 crore) in FY25, with total payment volume (TPV) growing by 14%. 

Despite a speedy sales increase, PayU India recorded an adjusted profit before interest and taxes (EBIT) of $44 million in FY25, in comparison to $32 million in FY24, especially due to its credit commercial enterprise. The bills division, though, reached breakeven within the second half of FY25. PayU's credit enterprise distributed $1.1 billion in loans in FY25, with 23% going to small and medium corporations (SMBs). The company additionally acquired a 70% stake in Mindgate Solutions for $68 million to bolster its real-time bills infrastructure and enhance operational performance.

Groww's Confidential Filing and Future Plans

Groww, an Indian fintech funding platform, has recently been in the news with a great buzz that it has confidentially filed draft papers for an IPO with SEBI, which is aiming for a valuation between $7 billion and $8 billion. The IPO is predicted to be a mixture of fresh share issuance and existing traders paring some stake, with a target listing in late 2025. Groww has reported a closing valued at around $3 billion in October 2021 after raising close to a figure around $251 million in a Series E spherical. 

The company has raised a total of $393.3 million in funding as of December 2023. In June 2025, Groww closed a $200 million investment spherical at a $7 billion valuation, led via GIC with Iconiq Capital also collaborating.

Performance and Outlook

Groww reported a significant figure of around 119% growth in general revenue to Rs 3,045 crore ($374 million) in FY24. The company has additionally and further expanded and stated that working profit for FY24 expanded by 17% to ₹535 crore from ₹458 crore in FY23. However, the organisation stated a significant net loss of Rs 805 crore in FY24, largely due to a one-time tax charge of Rs 1,340 crore ($160 million) in a nominal set of  financials for relocating its place of operations domicile from the USA and other countries to India. 

In FY25, Groww reported a net profit of INR 1,819 crore ($210 million), growing three times year-over-year, and INR 4,056 crore ($469 million) in sales, growing 31% year-over-year. As of December 2024, Groww leads India's inventory broker market with 13.16 million lively customers, conserving a 26.59% market share. The corporation plans to extend its commercial enterprise by improving product offerings, venturing into wealth control through a brand new unit named 'W,' and introducing new financial merchandise along with insurance and pension services. Groww additionally specializes in user education tool gear to assist first-time  investors in understanding financial markets better.

Conclusion

The upcoming IPOs of Groww, Razorpay, and PayU represent a pivotal moment for India's fintech landscape, reflecting each sector's maturity and its dynamic growth potential. While all three agencies display robust revenue growth and strategic maneuvers to optimize for the public list, in addition, they face numerous demanding situations. Razorpay's successful redomiciling and regular profitability in its core payments commercial enterprise position it strongly for a public debut, despite the sizable tax implications. 

PayU's focus on regaining profitability and its recent regulatory approvals highlight its efforts to triumph over hurdles and capitalize on the digital payments marketplace. Groww's aggressive enlargement into wealth control and spectacular user acquisition exhibit its ambition, even as it navigates the impact of one-time home-associated expenses on its internet income. The market might be keenly watching how these fintech giants leverage their public listings to in addition, democratize financial offerings and power innovation in India's rapidly evolving digital economy.