Razorpay Eyes IPO at $5, 6 Billion, Below Last Valuation

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.