Indian fintech firm Razorpay has received the market regulator's approval for its initial public offering, a document from the Securities and Exchange Board of India showed on Friday.
In June, the Bengaluru-based firm confidentially filed draft papers for IPO likely sized at around $600 million, Reuters had reported
A confidential filing allows companies to submit papers to the regulator for review without making them public to protect sensitive information, such as financials and business strategies
Razorpay, founded in 2014 and backed by investors such as Y Combinator and Singapore's sovereign wealth fund, provides technology that enables businesses to accept and process online payments through channels including cards, net banking, Unified Payments Interface (UPI) and digital wallets, earning revenue by charging merchants transaction fees.
It competes with firms such as Paytm, PhonePe and Cashfree in India's burgeoning digital payments ecosystem.