Salesforce Ventures backs Indian payments giant RazorPay as it looks to expand further outside India

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Salesforce Ventures backs Indian payments giant RazorPay as it looks to expand further outside India
Razorpay
  • Razorpay is now looking to further expand its presence in Southeast Asian countries.
  • Razorpay has raised $260 million in the last 12 months, and is valued at $3 billion.
  • It has 140 million customers with merchants like Facebook, CRED, Ola, Amazon, Zomato, Swiggy and more.
Salesforce Ventures, the global investment arm of cloud-based software giant Salesforce, has decided to invest in payments gateway provider Razorpay as the Indian company decides to further expand in Southeast Asian countries.

The firms did not reveal the financial details of the deal.

Razorpay believes that the insights and expertise of Salesforce can help the company plan out its next stage of growth journey much better.

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Harshil Mathur, who cofounded Razorpay in 2014, said that backing of Salesforce and other investors would help the company build an ecosystem for “hassle-free, easy-to-integrate payments and banking experience.”

The company is also looking to expand, build new products for businesses in Southeast Asian countries, Mathur added. The fintech startup also claimed that the fund would enable it to modernise the financial infrastructure for small businesses and large enterprises.

Salesforce India’s chairperson and chief executive Arundhati Bhattacharya said, “The rapid growth in digital payments over the last year has opened doors for technology innovation and Razorpay has been emerging as the company of choice for a lot of e-commerce businesses. We are excited to support Razorpay in their journey to revolutionise digital finance not only in India but globally as well.”

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Bhattacharya is a former chairperson of the State Bank of India (SBI).

Founded by Indian Institute of Technology (IIT), Roorkee alumni Shashank Kumar and Mathur seven years ago, Razorpay offers payments and other financial infrastructure to help businesses manage their money flow. The company’s core business is online payment gateway, with business-banking platform being another offering.

It has raised over $366 million to date, and is currently valued at a whopping $3 billion. Razorpay raised $260 million over the last 12 months — $100 million in October 2020 and $160 million in April 2021.

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It counts Matrix Partners India, GIC, Sequoia Capital India, Ribbit Capital, Tiger Global Management, among others, as its investors.

The fintech platform claims to have witnessed a 40-50% month-on-month growth in the last six months and has achieved total payments volume (TPV) of $50 billion. Its business-banking platform, RazorpayX, claims to serve over 15,000 businesses today.

Overall, it claims to have 140 million customers with merchants like Facebook, CRED, Ola, Amazon, Zomato, Swiggy and more. It plans to reach 200 million transacting customers by the end of 2021.

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