Bangalorebased razorpay 160m series gic sequoia
Bangalorebased razorpay 160m series gic sequoia has raised $160 million in a Series E funding round led by Singapore’s sovereign wealth fund GIC and existing investor Sequoia Capital. The funding round also saw participation from Ribbit Capital, Matrix Partners, and others. This latest investment brings the total amount raised by Razorpay to $366.5 million.
The Growth of Razorpay
Razorpay was founded in 2014 by Shashank Kumar and Harshil Mathur with the aim of simplifying online payments for businesses in India. The company provides a range of payment solutions, including payment gateway, payment links, subscriptions, and invoices. Razorpay has over 5 million businesses on its platform and processes transactions worth over $25 billion annually. The company has seen significant growth in recent years, with its revenue increasing by 400% in the last financial year. Razorpay has also expanded its product offerings to include lending and insurance services for small businesses.
The Future of Razorpay
With the latest funding round, Razorpay plans to further expand its product offerings and invest in new technologies such as artificial intelligence and machine learning. The company also plans to use the funds to expand its presence in Southeast Asia and the Middle East. Razorpay’s co-founder and CEO, Harshil Mathur, said in a statement that the company aims to “build a full-stack financial services company that can cater to all the financial needs of a business.” He added that the company’s goal is to “enable millions of businesses to digitize their financial operations.”
Razorpay’s latest funding round is a testament to the company’s growth and potential in the fintech industry. With its innovative payment solutions and expanding product offerings, Razorpay is well-positioned to become a leading player in the digital payments space. The company’s focus on using technology to simplify financial operations for businesses is likely to resonate with small and medium-sized enterprises in India and beyond.