Indian paytech Razorpay raises $375m, plans international expansion
India-based paytech Razorpay has raised $375 million in its Series F funding round, with a valuation of $7.5 billion.
The round was co-led by Lone Pine Capital, Alkeon Capital, and TCV and also saw participation from existing partners including Tiger Global, Sequoia Capital India, GIC, and Y Combinator.
“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!” states Harshil Mathur, the company’s CEO and co-founder.
“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 new funds will be used to scale RazorpayX, the firm’s neobanking platform, which already services 25,000 Indian businesses.
Razorpay says it will also “foray into building payment solutions for Southeast Asian countries” and look at new acquisitions in the business-to-business (B2B) Software-as-a-Service (SaaS) space.
The company has already made three acquisitions, the most recent being TERA Finlabs, an artificial intelligence (AI) based risk tech start-up, in July this year.
Razorpay turned seven in mid-December. Today, it employs 2,000 people and has eight million partner businesses. Its product range covers payments, business banking, online commerce, and payroll.