After attaining the unicorn tag in October last year Razorpay has tripled its valuation in under six months.
The freshly raised funds will be used to scale up its business banking suite, invest in new acquisitions and grow the company in the global market of South-East Asian countries.
“We believe there’s a dire need to develop new banking technologies that meet the rising demand. So we plan to use these funds to further expand our banking and lending product suite so that we not only provide a better experience to businesses and their customers but significantly contribute to the growth of our partner businesses,” explained Harshil Mathur, CEO and Co-founder of Razorpay.
According to the company, they are hiring more than 600 employees to achieve the goal they have planned.
The fresh round was co-led by Sequoia Capital and GIC, Singapore’s sovereign wealth fund, along with participation from Ribbit Capital and Matrix Partners.
Razorpay is helping small businesses and large enterprises modernize their financial infrastructure by providing intelligent automated payment and business banking solutions to manage their money flow end-to-end.
More than 15,000 Indian businesses are using its neo-banking platform to manage their money resulting it into 400 percent growth in transaction volume in the last 12 months.
Razorpay said that they are disbursing credits of Rs 700 crore every month which is helping the new entrepreneur get access to working capital and from now onwards they are planning to scale up to Rs 1000 crores per month in end of 2021.
“In the next 12 months, Razorpay will look to introduce more such products, through strategic partnerships and acquisitions which fit into our vision of making financial infrastructure easy and available to businesses across the country,” said Shashank Kumar, Co-Founder & CTO, Razorpay.
“We expect digital payments to become a $500 billion market over the next 4-5 years. The Razorpay team, with their constant focus on executional excellence, has grabbed early leadership in this space,” added Ishaan Mittal, Principal, Sequoia India.
In the last six months, Razorpay has witnessed a 40-45 per cent growth, month-on-month. – IANS