Razorpay is preparing a confidential IPO filing in India, targeting a raise of $600, 700 million at a valuation of $5, 6 billion, according to sources familiar with the plan. The move marks a significant step for the payments infrastructure company, though it implies a sharp markdown from its last private valuation of $7.5 billion, signaling the reset underway across late-stage fintech pricing. Razorpay's path to the public market will require it to address investor scrutiny on two fronts: the durability of its growth trajectory and a credible timeline to profitability, both standard pressure points for high-burn fintech businesses seeking public market validation. The filing comes as the Indian IPO window shows mixed signals. Walmart-backed PhonePe paused its $1.3 billion IPO last month, citing West Asia conflict as a market condition risk, illustrating how geopolitical volatility can stall even well-capitalized listings. Razorpay's decision to proceed confidentially gives it optionality to refine terms before a public disclosure. Investors will watch whether the company can defend a floor valuation while navigating a peer market where sentiment remains fragile.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
