BENGALURU: Fintech unicorn Razorpay has shifted its domicile from the US to India.
Sources confirmed that the company will pay about $150 million (Rs 1,275 crore) in taxes and that it is aiming to go public before the end of CY2026. Earlier, it was reported that the company might make a tax payout of around $200 million to US authorities.
On Thursday, the company confirmed the reverse flip to India. Razorpay's co-founder & MD 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."
He added, "We believe 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.”
Last year, it awarded employee stock option plans (ESOPs) worth Rs 1 lakh to all its current employees as part of its celebration for completing 10 years. In FY24, the company's revenue stood at Rs 2,501 crore. The fintech firm has so far raised about $742 million in equity funding.
Apart from Razorpay, PhonePe and Groww have shifted their domicile back to India. Earlier this year, quick commerce firm Zepto completed its reverse merger from Singapore to India. In 2022, PhonePe moved its domicile to India from Singapore and its investors had paid Rs 8,000 crore in taxes to shift. Last year, Groww moved its parent entity, Groww Inc, from Delaware to Bengaluru. According to reports, it paid about Rs 1,340 crore in taxes for the domicile shift.