Razorpay now worth USD 7.5 Bn following USD 375 Mn Series F funding
Category: #business |   By Pankaj Singh |   Date: 2021-12-20

Razorpay now worth USD 7.5 Bn following USD 375 Mn Series F funding

Razorpay has reportedly raised USD 375 million in Series F funding, more than doubling its valuation from USD 3 billion to USD 7.5 billion. This fundraising was co-led by Alkeon Capital, Lone Pine Capital, and TCV, with added participation from existing investors including Sequoia Capital, Y Combinator, Tiger Global, and GIC.

It is worth noting that the Indian fintech juggernaut has managed to raise more than USD 740 million in the last seven years. Furthermore, 34 of the 42 startups in India that have turned unicorns this year are known to have been using Razorpay.

According to reports, the transactions of Bangalore-based startups have accelerated to USD 60 billion annually, up from a mere USD 5 billion in 2019, with over 8 million businesses as customers, including behemoths such as Swiggy, Cred, Indian Oil, Facebook, and National Pension System.

Notably, Razorpay’s neo banking platform offers credit cards and assists businesses in obtaining working capital through an international payment gateway that accepts over 90 currencies.

Harshil Mathur, the co-founder, and CEO of Razorpay added that the goal of the organization is to provide full-stack financial solutions to the establishments who sign up for their banking needs, right from opening a bank account to aiding in salary payouts and more.

Razorpay intends to expand its product offerings, which already include assistance with tax disbursements and collations, automatic reconciliation of incoming transactions using UPI IDs, and the developing payment links via instant messaging services, among other things.

It recently added a feature that saves customers' information on their first purchase so that it can be automatically refilled the next time they place an order.

Sources claimed that the company also aspires to hire over 600 people to expand its presence in Southeast Asia. But despite several talks for a potential IPO, Razorpay has confirmed that it will not trade on the public market for another two and a half years at least.

Source credit:

https://techcrunch.com/2021/12/19/indian-fintech-giant-razorpay-valued-at-7-5-billion-in-375-million-funding/

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Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

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