Razorpay raises Rs 731 crore in new funding round to become sixth Indian unicorn despite COVID-19

This round values Razorpay at over $1 billion, making it the sixth Indian company to hit unicorn status this year – despite an overall subdued environment due to the COVID-19 pandemic

Moneycontrol News

October 12, 2020 / 12:25 IST

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Razorpay on October 12 said it has raised approximately Rs 731 crore ($100 million) in a new funding round co-led by Sequoia Capital India and GIC (Singapore’s Sovereign Wealth Fund) and including Matrix Partners, Ribbit Capital, Tiger Global and Y Combinator.

This round values Razorpay at over $1 billion, making it the sixth Indian company to hit unicorn status this year – despite an overall subdued environment due to the COVID-19 pandemic.

In fact significant demand for digital payments has accelerated Razorpay’s growth during the pandemic, the company said.

Razorpay has seen 300 percent growth in business over the last six months, the company said. It added that funds raised will be used for new product lines – RazorpayX (neo-banking platform) and Razorpay Capital (lending); to invest in small and medium enterprises (SMEs); and to hire 500 additional employees by FY21, the statement added.

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Razorpay raises Rs 731 crore in new funding round to become sixth Indian unicorn despite COVID-19

This round values Razorpay at over $1 billion, making it the sixth Indian company to hit unicorn status this year – despite an overall subdued environment due to the COVID-19 pandemic

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Razorpay raises Rs 731 crore in new funding round to become sixth Indian unicorn despite COVID-19

This round values Razorpay at over $1 billion, making it the sixth Indian company to hit unicorn status this year – despite an overall subdued environment due to the COVID-19 pandemic

Related stories

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