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Tag: Razorpay

Razorpay Raises USD 100 mn in funding, Become Unicorn
FUNDING

Razorpay Raises USD 100 mn in funding, Become Unicorn

Bengaluru, Oct 13, 2020: Payments solution provider Razorpay has gained the ''unicorn'' status after aises USD 100 million funding from GIC, Sequoia Capital and existing investors. Witnessing a 300 per cent growth in its business during the past six months, Razorpay said it has raised a Series-D fundraising of USD 100 million, giving the company more than USD 1 billion in valuation. This round was co-led by Singapore's sovereign wealth fund GIC and Sequoia India, along with participation from Ribbit Capital, Tiger Global, Y Combinator, and Matrix Partners. Razorpay plans to use the new funding to further strengthen and accelerate two new product lines RazorpayX, a neo-banking platform; and Razorpay Capital, its lending arm and invest in new initiatives to empower small and medium...
Razorpay Offers ESOP Buyback for Second Time in a Year
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Razorpay Offers ESOP Buyback for Second Time in a Year

Razorpay, India’s first converged payments solution company announced the implementation of the second ESOP Buyback plan for its employees, both existing and former. All existing and former employees who hold vested stocks will be eligible to sell up to 30% of their vested ESOP shares of the company. Sequoia India and Ribbit Capital, two of Razorpay’s key investors will be the buyers at a premium. While ESOP Buybacks have been part of employee welfare in larger organisations, the startup industry particularly in India, has started to see these developments since recently. This depicts the healthy growth that the startup ecosystem has been witnessing. Razorpay’s 600 people team raised their Series-C funding in June this year and the ESOP Buyback plan is a reflection of the ...
Razorpay raises $75M funding led by Sequoia Capital
FUNDING

Razorpay raises $75M funding led by Sequoia Capital

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 i...
You Can Now Book An Ola Cab From IRCTC’s Website!
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You Can Now Book An Ola Cab From IRCTC’s Website!

The IRCTC-Ola collaboration will give customers the chance to book an Ola ride whenever they visit the IRCTC Rail Connect App or the website.   The Ola-IRCTC Partnership The railway Public Sector Undertaking (PSU) and Indian Railway Catering and Tourism Corporation (IRCTC) announced on Monday they were tying up with Ola, the cab aggregator, in a bid to provide railway travelers the opportunity of booking a taxi before and after their train travel. This initiative comes as the IRCTC wishes to provide connectivity from the moment their train commuters leave their house up until their final destination. The collaboration will be a six months trial destined to give customers access to Ola booking services whenever they use the IRCTC Rail Connect App or the website, according t...
Payment Solution Firm Razorpay Raises $20M funding
FUNDING

Payment Solution Firm Razorpay Raises $20M funding

India's payments solutions firm Razorpay has raised $20 million funding led by Tiger Global and Y Combinator with participation from Matrix Partners. However, company declined to disclose the company valuation post this fundraise. "We will use the funds for our next phase of growth by scaling products and bolstering our technology and expanding to newer markets like South East Asia," said Razorpay CEO & Co-Founder Harshil Mathur. With this funding, Razorpay has raised a total $31.5 million funding until now. It had earlier raised $11.5 million funding from a clutch of investors including Tiger Global, Y Combinator, Matrix Partners and 33 angel investors. MasterCard had also made a strategic investment in Razorpay in June 2016. This announcement comes at a time when global gian...
Razorpay First Payment Gateway to Announce Zero Transaction Fees on Debit Cards
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Razorpay First Payment Gateway to Announce Zero Transaction Fees on Debit Cards

Razorpay, an online payments platform, announced today that it is waiving off all service charges on Debit Card transactions for all of its 10,000+ merchants, from 12 PM on Nov 24 till December 31, 2016. This move is aimed at helping businesses affected by demonetization and encourage users to transact online. While some banks are still deciding upon the waiver proposed by RBI, Razorpay has taken initiative and is the first payment gateway to remove all charges for debit cards. Debit cards are the most popular mode of online payments. In July 2016, a total of 25.94 million credit cards and 697.22 million debit cards were in operation, according to the Reserve Bank of India. In July 2016, total number of transactions through credit cards were 79.44 million while the figure for debit card...
Razorpay India’s First Payment Gateway Launched UPI For Merchnats
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Razorpay India’s First Payment Gateway Launched UPI For Merchnats

Razorpay is India’s first payment gateway to launch Unified Payment Interface (UPI), for its 10,000+ merchants. The option will enable customers to make online payments via UPI in addition to netbanking, wallets and credit/debit cards. This will be the first large-scale rollout on the merchant side and does not require the addition of any code to start offering UPI payment options to their customers. All of Razorpay’s merchants will have access to receiving payments via UPI starting today. UPI is a unique payment solution built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication. “In keeping with our robust technology, our systems will aut...
Razorpay, an Online Payments Platform Introduces Flash Checkout
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Razorpay, an Online Payments Platform Introduces Flash Checkout

Razorpay, an online payments platform, today, announced the launch of "Flash Checkout", which will cut down transaction times by 60% when the card is saved with Razorpay, further simplifying online payments. In our constant endeavor to simplify transactions, this feature will help customers close a transaction quicker and bring these benefits to the entire gamut of Razorpay's merchants, said Shashank Kumar, Co-Founder, Razorpay. The product runs on a patent-pending technology through which a customer needs to authenticate themselves only once on a mobile device. Following which, all saved cards will be available across merchants of Razorpay helping users have simpler and faster transactions on mobile and desktop transactions. The device authentication feature is a first in the payments i...
American Giant MasterCard Invested An Undisclosed Amount In RazorPay
FUNDING

American Giant MasterCard Invested An Undisclosed Amount In RazorPay

American payments and financial services company MasterCard has invested an undisclosed amount in Razorpay, an online payment gateway solution for small and medium enterprises and platforms. This marks the second equity-based investment done by MasterCard. Bengaluru-based Razorpay, which works with online product and technology businesses such as cloud telephony company Knowlarity and lifestyle ecommerce portal Nykaa, will be part of a six-month long MasterCard Start Path programme for startups targeted at technology development. "The association with MasterCard opens up the network of banks it works with. As our product focuses on reducing the failure rate of transaction, this will help us bring down the number of hops," said Harshil Mathur, cofounder of Razorpay to the source ...