Payment Gateway platform Razorpay raises $375 million through Series F round of funding
- ByTejika Bajaj | December 20, 2021
Business-focused payment gateway and neo banking platform Razorpay has recently announced that it has raised $375 million in its Series F round led by Lone Pine Capital, Alkeon Capital and TCV. According to the company, it has reached a valuation of $7.5 billion in the fresh financing from $3 billion in the previous one.
The fintech firm has raised a total of $741.5 million in investment since its inception seven years ago. Razorpay also has become the second most valued fintech company in India only behind Paytm which recently made its public debut with a lukewarm response.
This is the second round of funding for the Bengaluru-based company this year which scooped up $160 million in Series F led by Singapore’s sovereign wealth fund GIC and Sequoia India in April.
The proceeds will be invested towards building a full-stack financial solutions platform and exploring inorganic growth opportunities through investments and acquisitions. Razorpay, which currently claims to power payments for over 8 million businesses including the likes of Facebook, Ola, Zomato, Swiggy, CRED; now target to reach 10 million businesses by 2022.
It competes with a clutch of companies including PayU, Paytm, Cashfree, CCAvenue in the payment gateway business whereas Open is its direct competitor in the nebanking space.
The Harshil Mathur-led firm also claimed $60 billion TPV (total payment volume) as of early December 2021 and plans to grow this to $90 billion by the end of this year.
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