Razorpay Files Confidential DRHP For $600 Mn IPO At $5-6 Bn Valuation

Payments giant Razorpay filed confidential IPO papers to raise $500-600 Mn at a $5-6 Bn valuation—a markdown from its $7.5 Bn peak. FY25 revenue grew 65% to ₹3,783 Cr but the company slipped into losses on ESOP and India redomicile costs. Serves 80 Lakh businesses.

— Source publishedMon, 15 Jun, 2026, 09:32 IST·First seen Mon, 15 Jun, 2026, 09:37 IST·Source Inc42 · Buzz

What happened

Razorpay filed confidential DRHP to raise $500-600 Mn at a $5-6 Bn valuation, down from $7.5 Bn. FY25 revenue jumped 65% to ₹3,783 Cr but slipped into red due

Key facts

  • $500-$600 Mn IPO
  • $5-$6 Bn valuation
  • $7.5 Bn prior valuation
  • 80 Lakh businesses
  • $800 Mn raised to date
  • FY25 revenue ₹3,783 Cr
  • 65% revenue growth
  • ₹1,209 Cr ESOP expense

Why this matters

Razorpay's confidential DRHP at a markdown opens a window for strategic partnerships or acqui-hire conversations with payment players seeking access to its 80 Lakh merchant base.

Also reported by