India's Razorpay has submitted a confidential filing for its IPO.

      Razorpay, the payments firm based in Bengaluru, has submitted draft papers for an initial public offering (IPO) via India's confidential route, as reported by sources familiar with the situation. This step brings one of the country’s larger fintech companies closer to entering public markets without revealing its financials at this stage.

      The confidential filing process, recently authorized by Indian regulators, allows a company to provide a draft red herring prospectus to the Securities and Exchange Board of India and stock exchanges while keeping operational, business, and financial information private until a later point. This offers time and discretion, which is why many prominent firms have opted for this method.

      Sources indicate that the IPO is estimated to be valued between ₹5,000 crore and ₹6,000 crore, roughly $700 million at the higher end, and suggest that a listing could value Razorpay at around ₹50,000 crore to ₹60,000 crore. These estimates come from insiders rather than from Razorpay, which has not confirmed them, and the specifics may change before the public offering.

      Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay expanded from payment processing to include banking, payouts, payroll, and lending services. It achieved a valuation of $7.5 billion in a funding round in December 2021, which was part of the last wave of significant valuations in the fintech sector.

      The company’s journey towards listing has a complex background regarding its corporate structure. In 2025, Razorpay executed a reverse flip, moving its parent company’s domicile from the U.S. back to India, a decision which incurred an estimated $150 million tax liability and is often necessary for Indian listings. The confidential filing represents the next step in this process.

      Razorpay is following a trend of Indian tech firms that have changed their domicile before going public, motivated by the strength of India’s retail investor base and regulatory preferences for local incorporation. The reverse flip, while expensive due to the tax implications, is considered a necessary cost for gaining access to the public exchange.

      The $7.5 billion valuation from 2021 lingers over the upcoming IPO. With current reports suggesting a potential valuation between $6 billion and $7 billion, this represents a more conservative figure compared to the previous private mark. The disparity between late-cycle private figures and what public investors are willing to pay is a critical issue for many fintech companies entering the market.

      Moving forward, the process is procedural. Under the confidential filing route, a comprehensive prospectus—including its financial details—will be disclosed at a later date before the offer is made available. Until then, the numbers reported will be attributed to well-informed sources rather than directly from Razorpay.