Razorpay raises $75 million series C round of equity funding from fintech Venture capital firm Ribbit Capital & Sequoia Capital.
Tiger Global Management and Y Combinator’s Continuity Fund also participated in this round.
Bengaluru based b2b payment solutions platform will use this funding to expand its operation and hire more people.
Till date, Razorpay has raised about $107 million from Matrix Partners, MasterCard, and other angel investors. It had last raised equity capital in a round led by Tiger Global in early 2018.
Founded by Harshil Mathur & Shashank Kumar in 2013, Razorpay is a payments company that provides payment solutions to online merchants in India.
The company plans to use this fund to support its neo-banking platform Razorpay X and its lending arm Razorpay Credit.
“Under Razorpay Credit, the company has seen an annual disbursal rate of $100 million. We expect our non-payment gateway businesses to contribute an estimated 40% to our overall revenue over the next two years,” Harshil Mathur, Founder of Razorpay told Pixr8 News.
“We hope to hire about 700 employees by the end of the current fiscal in a senior management role and through acquisitions over the next six months,” said Mathur.
Razorpay X is the expanded product suite launched by the company that accepts payments, manages cash flows, reconciles transactions and provides flexible payouts. The product, which is still in beta stage and has about 1,500 merchants on board, is expected to go live in the next three months.
“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,” Micky Malka, managing partner of Ribbit Capital, said in a statement.
Razorpay, which currently has about 350,000 merchants on its platform, is targeting increasing the number to 450,000 by 2020.
After this latest round of funding, the valuation of Razorpay is around $450 million.