ADVERTISEMENT

Deal Street: PayPal’s India Rival Raises $75 Million, Valuation Soars

Five Indian startups raised nearly Rs 1,200 crore in venture capital funding last week.

(Source: BloombergQuint)
(Source: BloombergQuint)

Five Indian startups raised nearly Rs 1,200 crore in venture capital funding last week across sectors such as lending, payments, mobility, among others. Fintech startups led the funding pack.

Razorpay Raises $75 Million From Ribbit Capital, Sequoia and Others

 (Photographer: Dhiraj Singh/Bloomberg)
(Photographer: Dhiraj Singh/Bloomberg)

Razorpay raised $75 million (around Rs 524 crore) in a growth funding round as the online payments startup looks to expand its product suites such as Razorpay X, its neo-banking platform and lending arm Razorpay Capital.

The funding round was led by fintech-focused investor Ribbit Capital and Sequoia Capital. Existing investors Tiger Global and Y Combinator also participated in the funding round, the startup said in a statement.

The Bengaluru-based firm said the funds will be used to develop new technologies and scale its operations. A part of the investment will also go into doubling the headcount to 700 by next year and also to strengthen its senior leadership to lead various verticals, it said.

The round values the firm at more than $400 million, one person privy to the development told BloombergQuint, requesting anonymity.

Founded in 2013, Razorpay helps businesses accept online payments via credit card, debit card, internet banking and mobile wallets from customers. The company, according to its statement, grew by 500 percent over last year. Razorpay counts IRCTC, Airtel, BookMyShow, Zomato, Swiggy, Yatra and Zerodha, among others as its clients.

“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,” said Harshil Mathur, chief executive officer and co-founder at Razorpay.

Scooter Sharing Startup Bounce Raises $72 Million In Growth Funding

Bounce scooters parked in Bengaluru. (Source: Bounce)
Bounce scooters parked in Bengaluru. (Source: Bounce)

Dockless scooter sharing platform Bounce raised around $72 million (Rs 505 crore) in a growth funding round led by existing investors, including Accel Partners and Sequoia Capital, as it looks to expand its presence and strengthen its technology.

Other existing investors such as Chiratae Ventures (previously IDG Ventures), New York-based hedge fund Falcon Edge India, technology investor B Capital and Qualcomm Ventures participated in the round. Maverick Ventures and Omidyar Network India have also invested in this round, Bounce said in a statement.

The latest round takes the total capital raised by Bounce to $92 million, the firm said.

Founded in 2014, the startup which allows users to pick up scooters via an app and drop it at any parking spot, has a fleet of 5,000 keyless bikes in Bengaluru. The startup said it records close to 24,000 rides a day, and is looking to add 50,000-plus vehicles during the year.

Lendingkart Raises Debt Funding

The digital lending startup raised $11.5 million (around Rs 80 crore) in venture debt funding from Alteria Capital. Lendingkart said the funds will help the firm to service micro, small and medium enterprises across the country. The fresh round takes the overall fundraise, both equity and debt, to more than $173 million.

Others

Artificial intelligence-based financial services platform Active.Ai raised $3 million (Rs 20.89 crore) from InnoCells, the venture capital arm of Spanish bank Banco Sabadell.

Scooter sharing startup Vogo raised undisclosed funding from a group of investors including former Myntra chief executive officer Ananth Narayanan, serial entrepreneurs K Ganesh and Srini Anumolu, and Manish Vij, the founder of SVG Media.