Bangalore-headquartered Razorpay, one of the handful of Indian fintech startups that has demonstrated accelerated growth in recent years, has joined the coveted unicorn club after raising $100 million in a new financing round, the payments processing startup said on Monday.
The new financing round, a Series D, was co-led by Singapore’s sovereign wealth fund GIC and Sequoia India, the six-year-old Indian startup said. The new round valued the startup at “a little more than $1 billion,” co-founder and chief executive Harshil Mathur told TechCrunch in an interview.
India’s Razorpay, one of the largest payments processing firms in the country, today announced a range of new services aimed at startups, businesses, merchants and freelancers as the Bangalore-based firm expands the reach of its financial platform in the nation.
The startup, which raised $75 million from Ribbit Capital and others in June this year, today introduced a new kind of corporate credit card and some banking services for startups and SMEs, and a new payment option for individuals to quickly receive money from their clients.
Bengaluru-based online payments solution provider Razorpay on Tuesday said it had raised $75 million as a part of its Series C funding, led by new investors Ribbit Capital and Sequoia India. The round also saw participation from existing investors Tiger Global Management and Y Combinator.
Earlier, the company had raised a total of $31.5 million across Series A (2016) and Series B (2018) rounds, from 33 angel investors and a strategic investment by MasterCard. Matrix Partners had also participated in Razorpay’s last fundraise.
E-commerce remains among the biggest tech opportunities in India, one of the world’s most populated countries whose economy continues to rapidly evolve and now has over 500 million people connecting to the Internet. And today, a startup that is playing in this space — aiming to make it easier to take and make payments online — has announced a significant round of funding.