Razorpay, a digital payments company based in Bengaluru, has confidentially filed for an initial public offering in India.

Razorpay was earlier reported to be preparing a confidential IPO filing. The company is reportedly targeting a fundraise of $600 million to $700 million. IPO could value Razorpay at of $5 billion to $6 billion. That would be below its peak valuation of $7.5 billion.

Under India’s confidential IPO route, companies submit a draft red herring prospectus to the Securities and Exchange Board of India and stock exchanges without immediate public disclosure.

For FY24, Razorpay reported revenue of 20.7 billion rupees (US$217 million). Net profit of 350 million rupees (US$3.68 million). Annualized total payment volume of $180 billion.

The company is also shifting its registered office back to India ahead of a potential listing.

🔗 Source: The Economic Times

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