In the latest funding round, the total that has been raised by Razorpay amounts to $106.7 Mn. The company has raised $31.5 Mn in Series A (2016) and Series B (2018). Thus, after this round’s funding of $75 Million, the total came up to aforementioned. The company is now valued at $450 million, as per reports.
Fintech and payments solution company, Razorpay, has raised $75 Million in its Series C funding round. The round was led by firms Ribbit Capital and Sequoia Capital. They also saw Tiger Global and Y-combinator in the funding round.
— Razorpay (@Razorpay) June 18, 2019
From its inception, the company has raised a total of $31.5 million in Series A (2016) and Series B (2018) rounds. These rounds saw a very strategic investment by MasterCard. And now with this round’s investment, the company’s total funding adds up to $106.7 Million.
The company has been trying to secure this capital from Sequoia. CoFounders Town reported the same more than a month ago, Follow: Razorpay in talks with Sequoia, others for $75M
Razorpay and its future plans
The fintech will use the raised capital to update its neo-banking and lending products – Razorpay X and Razorpay Capital. It will also make its headcount twice, to 700 and increase merchant count to 450,000 by 2020.
The company expects its non-payment gateways to contribute to 40% of its revenue by next year.
We started off with a purpose to solve the payment problems that the underserved markets like the MSMEs faced. Our key mission is that while our partner businesses disrupt the Indian economy with new ideas, products, experiences and new jobs, we want to power their financial systems
– Harshil Mathur, CEO and Co-founder
The company provides tech payment solutions to 350K+ businesses. It is said to have grown by 500% in the last one year. It currently powers digital payments for businesses like IRCTC, BookMyShow, Zomato, Swiggy, Yatra and more.