Before launching its IPO, the company is targeting 6–8 quarters of consistent and transparent finaRazorpay, the fintech unicorn backed by Y Combinator and Peak XV, has finalized its reverse flip, moving its parent entity’s domicile from the US to India, documents reviewed by Moneycontrol reveal. As part of the reverse flip, Razorpay is merging its US-registered parent with its Indian arm, Razorpay Software India Pvt Ltd, consolidating operations under Indian oversight.

Razorpay began the process of relocating its parent entity from the United States to India in May 2023, in preparation for its planned listing on Indian stock exchanges. This move aligns with a broader trend among Indian startups, such as PhonePe, Groww, and Zepto, that have also shifted their domiciles to India.

IPO by 2028 

“We have already initiated the process of reverse flipping to India, and this is going to take anywhere between 12 months to complete. We have accounted for the cost and everything... Expect the IPO to be two years after our businesses break even,” Harshil Mathur, co-founder and CEO of Razorpay, told Moneycontrol in an earlier interaction. 

Before launching its IPO, the company is targeting 6–8 quarters of consistent and transparent financial performance.

Regulatory Reforms: A Great Help 

Recent regulatory reforms by the government have significantly streamlined the process of reverse mergers, cutting the timeline from 12–18 months to just three to four months. These changes have made it easier for startups to realign their corporate structures with their primary markets, encouraging more companies to shift their domicile to India.