Bengaluru: fintech unicorn planning to go to razorpay public The target is to commission it in two years profitable Ahead of the listing, its founders Harshil Mathur and Shashank Kumar said on Friday.
As it prepares for the IPO, the fintech firm is shifting its domicile to India, which Mathur said should be completed in 6-10 months. “The tax implications The amount will be over $100 million and most of it will be implemented in the US,” Mathur told TOI. Razorpay Is taking its parent unit back to India from America.
Last year, news agency Reuters had reported that Walmart had paid nearly $1 billion in taxes to the government after digital payments company PhonePe shifted its headquarters from Singapore to India. Razorpay has raised over $740 million to date. The gross value of payments made on an annual basis has exceeded $150 billion. Founded in 2014, the company provides technology payment solutions to over 10 million businesses.
Meanwhile, it is launching new solutions leveraging AI. Razorpay has developed a fraud detection tool that will detect fraudulent transactions by detecting patterns. If it fails to detect fraud, Razorpay will pay the merchant.