Razorpay Gets $75 Million In Funding From Sequoia Capital, Others
Fintech startup Razorpay on Tuesday said it has raised $75 million in a Series C funding round led by Sequoia India and Ribbit Capital, along with participation from existing investors Tiger Global and Y Combinator.
The online payments firm aims to use the funding to develop new technologies and scale up its recently expanded product suite that includes Razorpay X and Razorpay Capital. The fintech startup will earmark a portion of the funds to double its headcount to 700 by next year hire senior members to lead different product verticals, according to a statement from the company.
"Our key mission is that while our partner businesses disrupt the Indian economy with new ideas, products, experiences and new jobs, we want to power their financial systems. Today, over 350,000 disruptors are partnered with us to create the difference that we are here to make," said Harshil Mathur, co-founder and chief executive officer of Razorpay.
“The funding has come in at a time when fintech and banking is evolving beyond payments and lending, and we would like to change the way businesses access banking products" he added.
Razorpay, has so far raised $31.5 million in Series A and B rounds in 2016 and 2018. This includes commitments from 33 angel investors and a strategic investment by MasterCard Inc.
The company expects its neo-banking platform Razorpay X and lending arm Razorpay Capital, along with the non-payment gateway suite, to contribute to 40 percent of its revenue by 2020.
Razorpay, which powers online payments for IRCTC, Airtel, BookMyShow, Zomato, Swiggy, Yatra and Zerodha, among others, plans to service 450,000 clients by 2020. It expects a 5x growth in its revenue by the end of the next fiscal year.