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BENGALURU: Fintech unicorn Razorpay plans to go public in two years as it aims to turn profitable before the listing, its founders Harshil Mathur and Shashank Kumar said on Friday.
As it gears up for an IPO, the fintech firm is moving its domicile to India, which Mathur said should be completed in 6-10 months. “The tax implications would be over $100 million and most of it will be applicable in the US,” Mathur told TOI. Razorpay is moving its parent entity back to India from the US.
Last year, new agency Reuters reported that Walmart paid the government nearly $1 billion in taxes after digital payments company PhonePe shifted its headquarters from Singapore to India. Razorpay has raised over $740 million till date. The gross value of the payments made on an annualised basis has crossed $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 a fraudulent transaction through pattern detection. If it fails to detect a fraud, Razorpay will pay the merchant.
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