HT TECH wants to start sending you push notifications. Click allow to subscribe

Razorpay raises $100 mn from GIC, Sequoia Capital India and others

Razorpay has raised $206.5 million in investments since its inception in 2014. In 2019, it had raised $75 million in series C funding.

By: PTI
Updated on: Aug 20 2022, 23:33 IST
Harshil Mathur, chief executive and co-founder of Razorpay. The fintech firm has raised $100 million in its latest funding round. (MINT_PRINT)

Payments solution provider Razorpay on Monday said it has raised $100 million (about 731 crore) in a funding round co-led by Singapore's sovereign wealth fund GIC and Sequoia Capital India.

The round, which valued the company at over $1 billion also saw participation from Ribbit Capital, Tiger Global, Y Combinator and Matrix Partners, a statement said. 

You may be interested in

Mobiles Tablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
₹148,900₹159,900
Buy now
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
₹106,998
Check details
34% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
₹98,799₹149,999
Buy now
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage
₹87,900
Check details
21% OFF
Acer Swift Go SFG14 41 NX KG3SI 002 Laptop
  • Pure Silver
  • 8 GB RAM
  • 512 GB SSD
₹58,999₹74,999
Buy now
39% OFF
Acer Aspire 5 A515 57G Laptop
  • Gray
  • 16 GB RAM
  • 512 GB SSD
₹54,949₹89,999
Buy now
22% OFF
Acer Aspire 3 A315 24 NX KDESI 004 Laptop
  • Silver
  • 8 GB RAM
  • 512 GB SSD
₹33,499₹42,999
Buy now
40% OFF
Asus VivoBook 15 X515JA BQ322WS Laptop
  • Transparent Silver
  • 8 GB RAM
  • 512 GB SSD
₹31,350₹51,990
Buy now
34% OFF
Xiaomi Pad 6
  • Mist Blue
  • 6 GB RAM
  • 128 GB Storage
₹26,299₹39,999
Buy now
55% OFF
Lenovo Tab M10 5G
  • Abyss Blue
  • 6 GB RAM
  • 128 GB Storage
₹20,999₹47,000
Buy now
32% OFF
Realme Pad 2
  • Imagination Grey
  • 6 GB RAM
  • 128 GB Storage
₹19,749₹28,999
Buy now
Honor Pad X9
  • Gray
  • 4 GB RAM
  • 128 GB Storage
₹14,999
Check details

The company has witnessed a 300 per cent growth in its business during the last six months, it added. 

Razorpay helps businesses modernise their financial infrastructure by providing intelligent automated payment and banking solutions to manage their entire money flow.

Razorpay plans to use the new funding to further strengthen and accelerate its two new product lines neo-banking platform RazorpayX and its lending arm Razorpay Capital, and invest in new initiatives to empower small and medium enterprises (SMEs), the statement said.

By FY2021, the company expects RazorpayX and Razorpay Capital to contribute 35 per cent of its revenue, with a 100 per cent increase in the company's count of partner businesses, it added. 

The funds raised will also be used towards hiring additional 500 employees by FY21, the statement said.

"Over the last six months, RazorpayX, the neo-banking platform, has witnessed 100 per cent growth, primarily because we built the product zero-up solely from the eyes of the customers' needs," Razorpay CEO and Co-Founder Harshil Mathur said.

Neobanking is a nascent but fast-developing space in the Indian market and has the potential to become the one-stop platform for a business' banking needs, he added. 

"This pushes us to develop new technologies that meet the rising demand," Mathur said adding that Razorpay will power payments and banking for 50 million businesses by 2025. 

Despite the COVID-19 disruptions, the Indian fintech market is expected to grow to 6.20 lakh crores by 2025, the company said.

The significant demand for digital payments has accelerated Razorpay's growth during the pandemic, it added. 

The full-stack financial solutions company witnessed a 500 per cent growth in 2019. 

It currently powers payments for over 5 million businesses including Airtel, BookMyShow, Facebook, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others and aims to double this to 10 million by the end of this year. 

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on ,Twitter, Facebook, , and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 12 Oct, 10:19 IST
NEXT ARTICLE BEGINS