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Razorpay Plans Confidential IPO Filing Soon; Targets $600-700 Million Raise at $5-6 Billion Valuation

Razorpay is preparing a confidential IPO filing within weeks, targeting a $600‑$700 million raise at a $5‑$6 billion valuation, down from its $7.5 billion peak. The fintech recently completed a reverse flip to India, incurring roughly $150 million in tax costs, and reported FY25 revenue of about $456 million (Rs 3,783 crore) with a net loss of $146 million (Rs 1,209 crore). It now processes roughly $180 billion in payments annually, up from $150 billion in 2023, but faces a slowdown in consumer payments and tighter investor scrutiny. The move follows recent confidential IPOs by peers and comes as rival PhonePe paused its own listing.