You are here: Home » Companies » News
Business Standard

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

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

Topics
Razorpay | Fundraising

Press Trust of India  |  New Delhi 

Razorpay launches Payment Buttons for SMEs - No Developer Support Needed
Representative image

Payments solution provider on Monday said it has raised USD 100 million (about Rs 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 USD 1 billion also saw participation from Ribbit Capital, Tiger Global, Y Combinator and Matrix Partners, a statement said.

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

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

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

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 Rs 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, October 12 2020. 09:44 IST
RECOMMENDED FOR YOU
.