After being crowned a Unicorn a few months ago in October 2020, Indian banking and payments platform Razorpay has concluded a Series E fundraise of $160 Million.
The financing round, co-led by Sequoia Capital and GIC, Singapore’s sovereign wealth fund, along with participation from Ribbit Capital and Matrix Partners,. has tripled the company’s valuation to $3 billion in less than six months.
The new funding gives Razorpay a total of $366.5 Million in investments since its inception in 2014, that includes its recent raise, a $100 Million in Series D in 2020.
Razorpay plans to use the freshly raised capital to scale up its business banking suite, invest in new acquisitions and launch in international markets such as South-East Asian countries.
The company, which has experienced 400% growth in transaction volume in the last 12 months of Covid, is hiring an additional 600 employees to fuel its growth plans.
In terms of acquisitions, Razorpay will be on the lookout for B2B financial Saas startups operating in sectors such as SME credit, accounting & taxation, accounts receivable and expense management.
Commenting on the company’s acquisition strategy, Shashank Kumar, Co-Founder & CTO, Razorpay, says: "We’re always evaluating products and technologies that automate long and arduous money movement, accounting and other banking processes, thereby allowing businesses to focus more on their growth. In the next 12 months, Razorpay will look to introduce more such products, through strategic partnerships and acquisitions which fit into our vision of making financial infrastructure easy and available to businesses across the country.”
In 2019, Razorpay acquired two companies - Opfin, a payroll and HR management software company, and Thirdwatch, an AI-driven company specialising in big data and machine learning for real-time fraud prevention.