Razorpay files confidential DRHP for $600 Mn IPO; Zepto, ONDC's DigiDukaan reshape retail rails
Razorpay targets $5-6 Bn valuation as it joins India's fintech listing queue. Zepto's ₹8,010 Cr IPO looms while it trails Blinkit's 2,243 dark stores. ONDC's DigiDukaan digitises kirana B2B procurement with 10,000+ retailers, expanding to Mumbai, Bengaluru and Delhi NCR.
What happened
Razorpay files confidential DRHP for $600 Mn IPO at $5-6 Bn valuation. ONDC's DigiDukaan digitises kirana B2B procurement with 10,000+ retailers, expanding to
Key facts
- $234 Mn Sarvam Series B
- $1.5 Bn valuation
- Razorpay $600 Mn IPO at $5-6 Bn
- Zepto ₹8,010 Cr IPO
- DigiDukaan 10,000+ retailers, 35 brands
- Zetwerk FY26 revenue ₹15,900 Cr
- UPI PhonePe 46.5%, GPay 32.9%, Paytm 7.9%
- Blinkit 2,243 dark stores
Why this matters
ONDC's DigiDukaan scaling to 10,000+ retailers across four metros creates a neutral B2B rail that could compress private aggregator multiples and opens partnership or acquisition angles in kirana-tech before Razorpay's DRHP crystallises sector pricing.