New Delhi, June 15 -- Razorpay has confidentially filed draft papers for an initial public offering may be the latest sign that India's fintech sector is entering a more mature phase.

The Bengaluru-based fintech unicorn has filed a pre-filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and stock exchanges under the confidential filing route, setting the stage for a potential public market debut.

People familiar with the matter expect the proposed IPO to raise between $500 million and $600 million, although the final structure will depend on market conditions and investor demand.

India's digital payments ecosystem has evolved rapidly over the past decade. Fintech firms that once focused sole...