Razorpay raises $160 million at $3 billion valuation, plans for more acquisitions
Razorpayhas raised $160 million in a series E round of funding led by existing investors Sequoia Capital and Singapore’s sovereign wealth fund GIC.
- Razorpay had turned into a unicorn in October last year after raising $100 million.
- With the latest round, the startup has now raised a total of $366.5 million.
Its existing investors Ribbit Capital and Matrix Partners, too, participated in the round. Razorpay had turned into a unicorn in October last year after raising $100 million. With the latest round, the startup has now raised a total of $366.5 million.
Founded in 2014, by IIT Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay has made a name for itself in the Indian payments ecosystem.
AdvertisementThe company claims that it has seen a 400% growth in transaction volume in the last 12 months despite the COVID-19 pandemic.
“But there’s more work to be done, we believe there’s a dire need to develop new banking technologies that meet the rising demand. And so we plan to use these funds to further expand our banking and lending product suite so that we not only provide a better experience to businesses and their customers but significantly contribute to the growth of our partner businesses,” said Harshil Mathur, chief executive officer and co-founder of Razorpay, in a statement.
With the new funds in hand, Razorpay has a wide range of goals that it has set out to achieve. The company is looking to expand its presence in South East Asian countries, scale up its business banking suite and also invest in acquiring new companies.
“Being a technology-first company, we’re always evaluating products and technologies that automate long and arduous money movement, accounting and other banking processes, thereby allowing businesses to focus more on their growth. In the next 12 months, Razorpay will look to introduce more such products, through strategic partnerships and acquisitions which fit into our vision of making financial infrastructure easy and available to businesses across the country,” said Shashank Kumar, co-founder and chief technology officer, Razorpay in a statement.
The company had recently acquired two startups – Opfin, a payroll and HR Management software company, and Thirdwatch, an Artificial Intelligence (AI) startup. It also said that it has hired over 600 employees for the expansion plan.
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