News Contact Us

Razorpay secures USD 160 million during GIC-led Series E funding round

Author : Pankaj Singh | Published Date : 2021-04-19 

Razorpay, an Indian financial technology startup, has reportedly raised USD 160 million during its Series E funding round, tripling the six-year-old fintech firm’s valuation to USD 3 billion within six months as it prepares to expand its services in Southeast Asia.

The latest round was led by existing investors including Singapore’s sovereign wealth fund (GIC) and Sequoia Capital India. Previously, the company had managed to secure USD 100 million in a Series D funding round during October last year.

For those unaware, Razorpay acts as a payment service provider for small businesses and enterprises, following a model similar to what Stripe does in the United States and other developed markets.

However, Razorpay has differentiated itself by introducing neobanking services that issue corporate credit cards as well as offering working capital to businesses, confirmed sources.

Co-founder and Chief Executive at Razorpay, Harshil Mathur, reportedly stated that global payments giant Stripe is currently not present in India, allowing the fintech firm to emerge as a market leader. He added that the company is planning to replicate its success in India to other Southeast Asian markets.

Mathur added that by the end of the financial year, the company aims to launch its services in one or two Southeast Asian markets.

It is worth noting that over 5 million Indian businesses depend on Razorpay’s technology to process transactions. Some of its major clients include telecom operator Airtel, social-media giant Facebook, food-delivery startup Swiggy, ride-hailing firm Ola, and fintech firm CRED.

Razorpay Capital is also shelling out nearly USD 80 million to clients, up from a shy of USD 40 million a year ago, cited knowledgeable sources. The company now plans to process over USD 50 billion in total payment volume by the end of this year and hire over 600 talents in various Southeast Asian markets.

Source Credits –


About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Telkomsel invests additional USD 300 million in ride-hailing firm Gojek

Published Date: 2021-05-11         Author: Pankaj Singh

Telkomsel had earlier invested USD 150 million back in November 2020. The two companies are working on unifying various app features for a better user experience. Indonesia-based mobile phone operator PT Telkomunikasi selular, popularly known as Telkomsel, has reportedly invested an additi... Read More

BevCanna and St. Peter’s Drinks partner for cannabis-infused beverages

Published Date: 2021-05-10         Author: Pankaj Singh

Health & wellness beverage and natural products firm BevCanna Enterprises Inc. has partnered with St. Peter’s Drinks as a co-manufacturer of CBD and THC-infused beverages for the latter firm’s international beverage brand Green Monké. This marks BevCanna's third white-l... Read More

Amazon Europe donates $2.5M to support India’s fight against COVID-19

Published Date: 2021-05-07         Author: Pankaj Singh

Amazon Europe has recently announced its commitment of $2.5 million to support India as the country is currently grappling with the rapid surge in COVID-19 cases. The fund will be used in purchasing and transporting medical supplies, including oxygen concentrations from Italy, nebulizers and inha... Read More

© 2021 Fractovia. All Rights Reserved