Fintech giant Razorpay has officially completed its reverse flip from the US to India, marking a significant milestone in its journey. The company, which started the process in May 2023, has now shifted its global headquarters back to its home country, reflecting a growing trend among Indian startups to domicile in India ahead of public listings.
Co-founder and CEO Harshil Mathur expressed immense pride in this achievement, stating, "It has always been our dream to build for India, and this reverse flip is a step closer to realizing that vision." This move underscores Razorpay's confidence in India's burgeoning economic potential and vibrant innovation ecosystem.
The reverse flip comes as Razorpay prepares for an eventual Initial Public Offering (IPO) on Indian bourses. By relocating its parent entity to India, the company aims to leverage improved access to capital and better valuations in the domestic market, joining a growing list of unicorns making similar strategic shifts.
Founded in 2014, Razorpay has evolved from a payment gateway to a comprehensive fintech platform, processing an annualized total payment volume of over $180 billion. This transition to a public entity, including a name change to Razorpay Software Limited, signals its readiness for the next phase of growth.
The decision to reverse flip also highlights the increasing attractiveness of India's startup landscape, bolstered by supportive government policies and a robust investor base. Razorpay's move is expected to inspire other Indian startups to consider returning to their roots.
As Razorpay continues to innovate and expand its product offerings, this reverse flip reinforces its commitment to contributing to India's digital economy. The fintech unicorn's journey back home is a testament to the potential of Indian businesses on the global stage.
Alfred Lee
