Fintech unicorn Razorpay has completed its reverse flip, shifting its parent company’s domicile from the US to India.
Confirming the development, Razorpay’s Co-Founder and Managing Director, 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.”
The move consolidates its operations under Indian jurisdiction and positions the company for a future listing on domestic stock exchanges.
The restructuring involves the merger of Razorpay’s US-based parent entity with its Indian arm, Razorpay Software India Pvt Ltd. The company began the reverse flip process in May 2023 as part of its long-term strategy to align more closely with Indian regulatory and capital markets.
As part of the relocation, Razorpay is expected to incur a tax outgo of approximately $200 million to the US authorities, according to a report by BusinessLine. The company is currently awaiting approvals from the Reserve Bank of India (RBI) and the Ministry of Corporate Affairs to complete the legal formalities of the shift.
This move places Razorpay among a growing cohort of Indian start-ups — such as PhonePe, Groww, and Zepto — that have relocated their parent entities to India to simplify compliance and facilitate local listings.
Following the restructuring, the company has also rebranded itself as Razorpay Software Ltd, dropping the “Private” designation from its official name. The company has been expanding its suite of products, increasingly integrating AI-powered solutions to support its merchant partners at scale.
Razorpay, which processes over $180 billion in transactions annually, is aiming to go public within the next two years, once it achieves overall profitability. While its core payments business is already profitable, other verticals are still in the investment phase and continue to weigh on the bottom line.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has raised $739 million in funding to date. With its reverse flip now completed, the company is expected to focus on building toward a public listing and further strengthening its presence in India’s rapidly evolving fintech landscape.
Published on May 29, 2025