June 15 (Reuters) - Indian payment gateway services provider Razorpay Software has confidentially filed draft papers for an initial public offering, a newspaper advertisement showed on Monday.
The confidential route allows IPO-bound firms to keep their filings private until the launch of the public issue.
Financial news publication Moneycontrol on Sunday reported that the proposed issue is expected to raise over $500-$600 million, while The Economic Times in April said that the confidential IPO filing was for a $600-700 million issue, with the valuation pegged at $5 billion-6 billion.
Razorpay, backed by investors such as GIC, Y Combinator and Lightspeed, provides technology that enables businesses to accept online payments from customers. It also helps protect customers' sensitive information, reduces payment failures, and simplifies settlement of funds.
The platform processes transactions through methods including credit and debit cards, UPI, net banking, buy now and pay later options and digital wallets. It earns revenue by charging a fee on transactions.
(Reporting by Vijay Malkar in Bengaluru; Editing by Sonia Cheema)
