One of the fastest-growing financial technology startups in India, Razorpay recently secured $375 million in funding to strengthen financial infrastructure for small businesses in India. According to the company, the latest funding will help the growth of its innovative technologies.
With the recent $375 million financing round, Razorpay is now valued at $7.5 billion. Lone Pine Capital, Alkeon Capital and TCV co-led the funding. Additionally, the investment round witnessed participation from prominent investors like Tiger Global, Sequoia Capital India, GIC and Y Combinator.
RazorpayX, the company’s neo-banking platform, will receive a major boost through the funding. Moreover, Razorpay is planning to acquire companies in the B2B SaaS space. The fintech startup has a team of more than 2,000 people.
“With this new round of funding, we will look to strengthen India’s financial infrastructure for small businesses so that they don’t have to worry about payments, banking or compliance issues. They can focus on what they do best: build their products, bring new ideas to life, create scale and thrive. As we continue to build more and more intelligent technologies, we believe we will radically change how payments and banking are done in nearly every sector of India,” the company highlighted.
Fintech and India
According to a report published by RBSA Advisors, India became the top fintech destination in Asia during the first half of 2020. The country produced several fintech unicorns in the last two years. Earlier this year, Indian fintech startup BharatPe secured $108 million in Series D funding.
“As we look towards our future and the opportunity Fintech in India holds, we realize that we have only scratched the surface, there is so much more to do and a long way to go towards helping our country and its businesses be economically more inclusive. A very large segment of India is yet to be digitized,” Razorpay added.
