Payments and Business Banking platform, Razorpay, has announced its Series E fundraise of $160 million.
This financing round has tripled the company’s valuation to $3 Billion in less than six months, the company said.
This round was co-led by Sequoia Capital and GIC, Singapore’s sovereign wealth fund, along with participation from Ribbit Capital and Matrix Partners. Razorpay plans to infuse the freshly raised capital to scale up its Business Banking suite, invest in new acquisitions and launch in international markets such as South-East Asian countries.
The Fintech Unicorn is already hiring more than 600 employees to fuel its growth plans.
Razorpay helps small businesses and large enterprises modernise their financial infrastructure by providing intelligent automated payment and business banking solutions to manage their money flow end-to-end, so that it frees up entrepreneurs, heads of business, technology and finance functions, and enables them to concentrate on cultivating their niche.
The new funding gives Razorpay a total of $366.5 million in investments since its inception in 2014, that includes its recent raise, a $100 million in Series D in 2020.
Razorpay CEO and Co-founder Harshil Mathur said, “Our recent initiatives in the Banking and Lending space through RazorpayX & Capital have helped businesses solve some very unique challenges around managing money, empowering businesses to grow up to 10X in spite of an economically difficult year.”
Razorpay believes that there’s a dire need to develop new banking technologies that meet the rising demand. It plans to use these funds to further expand its banking and lending product suite.
