Razorpay Raises $375 Million In Series F The company plans to utilize the funds to scale its business banking suite RazorpayX and offer new banking solutions
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Razorpay, one of India's fastest growing fintech Unicorns, has raised $375 million in Series F round. Co-led by Lone Pine Capital, Alkeon Capital and TCV, the fundraise also received participation from existing investors Tiger Global, Sequoia Capital India, GIC and Y Combinator. With this, the company's valuation increased to $7.5 billion. This makes it the fastest increase in valuation for an Indian Unicorn in a year, said a statement.
The company plans to use the funds to further scale up its business banking suite RazorpayX and offer new banking solutions in 2022. The full-stack financial solutions company also plans to invest in new acquisitions in 2022 and expand its presence across the globe, starting with the southeast Asian countries. The fintech Unicorn plans to hire over 600 employees to fuel these growth plans in India and overseas. The company's neo-banking platform, RazorpayX, is changing the business of banking rapidly and intelligently, powering over 25,000 Indian businesses to manage their money. Apart from product expansion of RazorpayX, the company is also looking at global expansion, said the statement.
"It's an exciting time of change we are living in. We have come a long way in these seven years and I am filled with immense gratitude for the company to have travelled this far. Now moving forward, we believe we will radically change how payments and banking is done in nearly every sector of India," said Harshil Mathur, CEO and co-founder of Razorpay.
"Over the last seven years, we have tirelessly worked towards making Razorpay a technology and product company which is people-first. We want to create new products and build experiences that will change the lives of millions of businesses and consumers. Over the years, the feedback we have received from partner businesses has been quite encouraging and assured us that we are on the right track. With the funds, we want to continue delivering a payment and banking experience that businesses will take advantage of and worry less," said Shashank Kumar, CTO and co-founder of Razorpay.
Razorpay, a full-stack financial services company and a recently crowned Unicorn, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 8 million businesses, added the statement.
