Bangalore-Based Razorpay SMBs Raises $160M in Series GIC
Razorpay, a Bangalore-based digital payments platform for small and medium businesses (SMBs), has raised $160 million in a Series E funding round led by Singapore’s sovereign wealth fund, GIC . The round also saw participation from existing investors Sequoia Capital India, Ribbit Capital, and Matrix Partners. The latest funding round brings the total amount raised by Razorpay to $366.5 million .
Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay has been providing payment solutions to businesses of all sizes. The company’s payment gateway allows businesses to accept payments from customers through various modes such as credit/debit cards, net banking, UPI, and more. Razorpay also offers other financial services such as loans and insurance to its customers .
With the latest funding round, Razorpay plans to scale up its business banking operations, acquire B2B SaaS companies, and expand its business into international markets . The company aims to use the funds to build new products and services that will help SMBs grow their businesses. Razorpay also plans to expand its team and hire more talent across various functions such as engineering, product, and design .
The Future of Online Payments
Razorpay’s latest funding round is a significant milestone for the company and the Indian fintech sector. The investment from GIC and Sequoia will enable Razorpay to expand its product offerings and support more SMBs in India. With the growing adoption of digital payments and the increasing demand for financial services among SMBs, Razorpay is well-positioned to capture a significant share of the market .
Razorpay’s latest funding round is a testament to the company’s growth and potential in the Indian fintech sector. With the support of GIC and Sequoia, Razorpay is well-positioned to expand its product offerings and support more SMBs in India. The company’s focus on innovation and customer-centricity has helped it become one of the leading players in the digital payments space. As Razorpay continues to grow, it will be interesting to see how it shapes the future of online payments in India and beyond.