Bengaluru based payment gateway platform, Razorpay has raised $160 million from Sequoia India and Singapore-based GIC. Razorpay’s valuation has trebled to $3 billion in less than six months. GIC and Sequoia Capital have co-led this found of funding, along with participation from existing investors such as Tiger Global and Ribbit Capital.
The pandemic had a positive effect on the growth of Razorpay, with digital payments receiving a boost in India. The Y-Combinator backed startup was valued at $1 billion last October, entering the Unicorn club.
Word from the CEO
“We are in the middle of talks for a couple of small-to-mid sized acquisitions where the new capital will be used for. International market will be another avenue where each country will have its requirements. We are also hiring in these markets.” says Harshil Mathur, co-founder and CEO of Razorpay. “In the last one year alone, we have added 1.5 million new merchants” he adds.
Prestigious Clientele of Razorpay
Razorpay boasts the likes of Swiggy, Facebook, Airtel, FreshToHome, Quikr, Treebo, Medlife and Cred among others, in its prestigious client base.
Previous Funding Rounds
This is the 7th round of funding for Razorpay. Razorpay has raised a total of $366.6 million over the course of its life till date. It’s main funding partners include Matrix Partners India, GIC, Sequoia Capital, Tiger Capital, Y-Combinator and Ribbit Capital. Razorpay has also acquired two companies, namely Opfin and ThirdWatch, in November 2019 and August 2019 respectively.
The Bengaluru-based startup said it plans to clock a total payment value (TPV) of $50 billion by the end of the current year. The current TPV is in the range of $35-$40 billion. It’s lending business has also grown significantly where it is now lending between ₹700-800 crores compared to ₹300 crore at the end of last year.
Razorpay continues to move on from strength to strength in its aim to capture a large slice of the digital payments pie.