Razorpay Eyes $700 Million IPO at $5–6 Billion Valuation via Confidential Filing

Fintech unicorn Razorpay is set to confidentially file draft papers for an initial public offering (IPO) in the coming weeks, marking a significant step toward its public market debut. The company is aiming to raise between $600 million and $700 million through the offering, according to multiple reports.

The IPO is expected to value the Bengaluru-based payments firm at around $5–6 billion, reflecting a notable reset from its peak valuation of about $7.5 billion achieved over four years ago. This downward revision underscores changing market dynamics and a broader trend of valuation corrections across the startup ecosystem.

Razorpay’s move comes as it joins a growing list of Indian fintech companies exploring public listings via the confidential filing route, allowing firms to test investor appetite while keeping financial details private in the early stages.

The company has been preparing for its IPO for some time, including appointing leading investment banks and completing key structural changes such as shifting its domicile to India. The proposed issue is likely to include a mix of fresh shares and secondary sales by existing investors.

If successful, the listing would mark a major milestone for Razorpay as it transitions into its next phase of growth amid evolving investor sentiment in the global and Indian tech markets.