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Razorpay’s valuation has tripled in less than six months after it attained the unicorn status. The startup aims to scale up business banking operations, acquire B2B SaaS companies, and expand the business into international markets. Fintech major Razorpay said it has raised $160 million at a valuation of $3 billion in Series E funding. The round was led by existing investors GIC, Singapore’s sovereign wealth fund, and Sequoia India, along with participation from Ribbit Capital and Matrix Partners. The Bengaluru-based company’s latest funding comes in less than six months after it attained the unicorn status. The company said it 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. With the latest fundraise, the company has now raised a total of $366.5 million in funding since 2014. Commenting on the funding, Harshil Mathur, CEO and Co-founder of Razorpay, said, “We at Razorpay want to be the one-stop financial platform that a business needs to simplify and manage their end-to-end money movement. We have made some strides towards that journey, our recent initiatives in the Banking and Lending space through RazorpayX and Capital have helped businesses solve some very unique challenges around managing money, empowering businesses to grow up to 10X in an economically challenging year.”
“There’s more work to be done. We believe there’s a dire need to develop new banking technologies that meet the rising demand. And 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.”
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