Bengaluru based payments startup Razorpay has raised $100 Mn Series D funding led by Sequoia Capital India, GIC and existing investors. Razorpay becomes the sixth Indian unicorn in this pandemic year with the latest round of funding. Existing investors Y Combinator, Matrix Partners India, Tiger Global, and Ribbit Capital also participated in the round.
Razorpay was founded by IIT Roorkee alums Harshil Mathur and Shashank Kumar in 2014.
Harshil Mathur, Co-founder and CEO, Razorpay, said, “We at Razorpay have always been a payments company, and our focus has always been financial solutions. With this funding we want to go further in our reach. We aim to build deeper tech products and solutions, as we always have done.”
Choo Yong Cheen, chief investment officer for private equity at GIC, said, “India has made significant strides in establishing a digital payments ecosystem and Razorpay has established itself as a clear leader, with its strong focus on customer experience and product innovation. GIC has a long track record of partnering with leading fintech companies globally and is delighted to partner with Razorpay in its journey to transform payments and banking.”
“India’s digital ecosystem is seeing unprecedented growth with online shoppers expected to cross 350 million by 2025. This trend of digitisation is penetrating India across social strata and geography and Razorpay is playing a pivotal role in this transformation by enabling millions of merchants to accept digital payments in a frictionless and efficient manner. They have expanded the breadth of products and solutions rapidly across payments and banking and are becoming a platform for all financial technology needs of their customers,” Ishaan Mittal, principal, Sequoia Capital India, said.
With this funding, Razorpay hopes to further grow its product lines – the neobanking platform Razorpay, and its lending arm – Razorpay Capital, an initiative to empower SMEs. It is also looking to hire additional 500 employees by FY’21.