Fintech startup Razorpay’s value triples to $3 billion in 6 months

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Payments and business banking startup Razorpay raised $160 million on Monday in a fresh fundraising round that valued the company at $3 billion.</p>
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This financing round has tripled the company’s valuation in less than six months as it was valued at $1 billion in October 2020 when it entered the Unicorn club for the first time.</p>
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According to a press statement, this round was co-led by Sequoia Capital and GIC, Singapore’s sovereign wealth fund, along with participation from Ribbit Capital and Matrix Partners.</p>
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Razorpay plans to infuse the freshly raised capital to scale up its Business Banking investment, invest in new acquisitions and launch in International markets such as South-East Asian countries. The Fintech Unicorn said it is already hiring more than 600 employees to fuel its growth plans.</p>
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Razorpay helps small businesses and large enterprises modernise their financial infrastructure by providing intelligent automated payment and business banking solutions to manage their money flow end-to-end.</p>
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The new funding gives Razorpay a total of $366.5 million in investments since its inception in 2014. THe startup had raised $100 million in 2020.</p>
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Harshil Mathur, CEO and co-founder of Razorpay, said, “We want to be the one-stop financial platform that a business needs to simplify and manage their end-to-end money movement. We believe there’s a dire need to develop new banking technologies that meet the rising demand. The company’s neo-banking platform, RazorpayX is changing the business of banking rapidly and intelligently, powering over 15,000 Indian businesses to manage their money. The neobank saw 400% growth in transaction volume in the last 12 months of Covid,” he added.</p>