Razorpay files confidential DRHP for $600 Mn IPO at $6 Bn — a markdown from $7.5 Bn peak
Razorpay has filed confidential papers for a $500-600 Mn IPO at a $5-6 Bn valuation, below its 2021 private mark of $7.5 Bn. FY25 revenue grew 65% to ₹3,783 Cr, but ESOP charges of ₹1,209 Cr and restructuring costs dragged the payments giant into losses ahead of listing.
What happened
Razorpay filed confidential DRHP to raise $500-600 Mn at $5-6 Bn valuation, below its last $7.5 Bn private mark. FY25 revenue jumped 65% to ₹3,783 Cr but ESOP
Key facts
- $500-$600 Mn IPO
- $5-$6 Bn valuation
- $7.5 Bn last private valuation
- 80 Lakh businesses
- $800 Mn funding raised
- FY25 revenue ₹3,783 Cr
- 65% revenue growth
- ESOP expense ₹1,209 Cr
Why this matters
Razorpay's down-round IPO at $6 Bn sets a fresh benchmark for Indian fintech M&A and secondary pricing — recalibrate any payments-adjacent deal comps to this reset.