India, June 15 -- Fintech major Razorpay has filed its draft red herring prospectus (DRHP) for an IPO through the confidential route, as per a newspaper advertisement.

The Peak XV Partners-backed fintech unicorn is expected to raise $500-$600 Mn through the issue, a MoneyControl report said, citing sources. In April, it was reported that Razorpay was looking to raise $600-$700 Mn through the IPO at a valuation of $5-$6 Bn, lower than its last private valuation of $7.5 Bn.

The startup appointed investment bankers including Axis Capital, Kotak Mahindra Capital, JP Morgan and Citi earlier this year for the IPO.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay offers a full-stack payments and financial services platform, offe...