Razorpay is the latest to join the unicorn club with its new $100 million fundraise
Razorpay’s unicorn entry comes with its latest $100 million funding round led by Singapore’s GIC and its existing investor Sequoia India.
- Founded in 2014 by IIT Roorkee graduates
Harshil Mathurand Shashank Kumar, Razorpay has gained prominence in the Indian payments ecosystem.
- Razorpay was also one of the 20 Indian startups in the CBInsights list of 250 world’s most promising fintech companies.
AdvertisementIndian digital payments platform Razorpay is the sixth Indian startup in 2020 to join the unicorn club (companies with a valuation of over a billion dollars). Razorpay’s unicorn entry comes with its latest $100 million funding round led by Singapore’s GIC and its existing investor Sequoia India.
Its other existing investors Ribbit Capital, Matrix Partners, Tiger Global, and Y Combinator too participated in the funding round.
Founded in 2014 by IIT Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay has made a name for itself in the Indian payments ecosystem. The startup has clients like Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony and Oyo, among others.
The startup has also been ramping up its offerings with recent launches like the neo-banking platform, RazorpayX, Cash Advance – credit line for small businesses in India, and the acquisition of Opfin, a payroll management software company.
Razorpay was also one of the 20 Indian startups in the CBInsights list of 250 world’s most promising fintech companies. “We were a group of less than 10 people when we started Razorpay in a small room with a sole purpose to make online payments easier particularly for the underserved segments, SMEs. Fast forward to five years later, we are a 900 strong team today with a 500% growth, making this a tremendous journey for our partner businesses, their consumers and ourselves,” CEO Harshil Mathur had said about the inclusion in the CB Insights list.
The mobile payments solutions startup Razorpay claims to have a 35% monthly growth rate. Razorpay plans to increase the count of its partner businesses to 15,00,000 by the end of this year, and expects a 4x growth in its revenue.
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