Bengaluru-based fintech giant Razorpay has confidentially filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India, targeting a fundraise of approximately $600 million. The company is eyeing a valuation between $5 billion and $6 billion, a deliberate reset from its previous peak of $7.5 billion.
Before filing in mid-June, Razorpay completed a critical reverse domicile merger in May, folding its US-based parent company into its Indian entity. Founded by Harshil Mathur and Shashank Kumar, the firm had historically raised $740 million from investors like Y Combinator and Tiger Global through the US structure.
The financial narrative is robust. Razorpay reported a 65% revenue surge in the fiscal year 2025, and its core payments business has reached EBITDA-positivity, aligning with public market demands for growth paired with tangible profitability.
Razorpay joins peers like Swiggy and Groww in utilizing the confidential filing route to test market appetite discreetly. Looking ahead, the company operates in a competitive landscape dominated by PhonePe and Paytm, while facing persistent regulatory scrutiny from the Reserve Bank of India.