Razorpay valuation triples to USD 3 bn as marquee investors pump USD 160 mn

The Series E funding round was co-led by Sequoia Capital and GIC, along with participation from Ribbit Capital and Matrix Partners. 

“We will use the capital to scale up our Business Banking suite, invest in new acquisitions and launch in International markets, including South-East Asian countries,” Razorpay CEO and co-founder Harshil Mathur said. 

He added the company also continues to hire aggressively to fuel its growth plans. 

Bengaluru-based Razorpay provides intelligent automated payment and business banking solutions to help businesses manage their money flow end-to-end. With this funding, Razorpay has raised a total of $366.5 million in funding since its inception in 2014. 

The company had entered the Unicorn Club (companies with valuation of over $1 bn) in October last year, when it had raised $100 mn. 

The pandemic has provided a major boost to tech-led startups with a sharp increase in consumers opting for e-services like online classes, e-commerce and digital banking.