Razorpay, a converged payments solution company, announced its Series C funding of $75 million, led by two of the largest venture capital firms, Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator. The company has seen a tremendous growth so far, in people, technology and market share. They have raised a total of $31.5 million in Series A (2016) and Series B (2018) rounds, along with 33 angel investors and a strategic investment by MasterCard.
Razorpay aspires to use a significant share of these funds to develop new technologies and scale up its recently expanded product suite, Razorpay X and Razorpay Capital. The company expects its neo-banking platform (Razorpay X) and lending arm (Razorpay Capital), along with the non-payment gateway suite to contribute to 40% of its revenue by next year.
Razorpay also plans to use these funds to double its headcount to 700 by 2020 and hire senior members to lead different product verticals.
Harshil Mathur, CEO and Co-Founder, Razorpay said, “…This funding has come in at a time when fintech and banking is evolving beyond payments and lending and we would like to change the way businesses access banking products."
Ishaan Mittal, Principal, Sequoia Capital India Advisors said, “…When we spoke to various merchants in India, they unanimously vouched for Razorpay’s product superiority and innovative offerings. Their strength lies in their technology, people and organizational culture and we are enthusiastic about partnering with them as they transform the payments ecosystem in India.”
Micky Malka, Managing Partner, Ribbit Capital added, “The digital payments market in India is massive. We are excited to be part of a company that is building trust between the consumers and the retailers to enable payments to flow faster and more efficiently in India...”