India-based fintech company Razorpay has confidentially filed its draft IPO prospectus with the Securities and Exchange Board of India.
Razorpay, a payments company based in India, has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) and the relevant stock exchanges, marking the formal start of its initial public offering (IPO) process.
The company disclosed the filing through a newspaper advertisement, stating that the pre-filed DRHP is dated 12 June 2026. The confidential filing followed shareholder approval received the previous week for raising approximately USD 316 million in fresh funding through the IPO, in addition to an offer-for-sale component.
In addition, reports from April 2026 indicated that Razorpay was preparing a confidential IPO filing with an overall fundraising target of USD 600 to 700 million, at an expected valuation of USD five to six billion. This would represent a decrease from the USD 7.5 billion valuation the company achieved in a private funding round more than four years ago. Razorpay's investor base includes Y Combinator, Peak XV Partners, Lightspeed Venture Partners, Tiger Global, and GIC.
The confidential filing route
Filing confidentially allows companies to submit draft IPO documentation to Sebi without making detailed financial and business information immediately public. This mechanism gives companies the opportunity to gather regulatory and investor feedback before broader disclosure. Other technology-led companies in India, including Swiggy, Groww, Meesho, and Zepto, have used the same route for their respective listings in recent years.
The IPO filing follows Razorpay's completion of a reverse domicile shift from the US to India in 2025, after receiving approval from the Reserve Bank of India and the Ministry of Corporate Affairs. This step formed part of the company's preparation for a listing on Indian exchanges. Razorpay also converted into a public limited company ahead of the proposed IPO.
Strategic repositioning ahead of listing
Ahead of the IPO, Razorpay has reportedly scaled back its offline payments expansion, shifting focus toward merchants requiring combined online and offline payment solutions. This adjustment reflects the company's broader move toward strengthening the profitability of its core business operations as it approaches the public markets.
