Razorpay, a Bangalore-based fintech platform allowing enterprises to receive, process, and make payments, has bagged US$ 375 million in a Series F funding round co-led by Alkeon Capital, Lone Pine Capital and TCV on 19 December 2021.
Investors: The latest investment round featured Alkeon Capital, TCV and Lone Pine Capital as the lead investors, with participation from Sequoia Capital India, Y Combinator, GIC and Tiger Global Management. The firm has managed to raise more than US$ 740 million, in total, to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round to hire more than 600 people to support its growth plans in Southeast Asia and India and broaden its product offerings.
About Razorpay
Brought to existence in 2014 by Harshil Mathur and Shashank Kumar, Razorpay delivers an international payments gateway to businesses supporting more than 90 currencies and provides working capital and credit cards to enterprises through its neo banking platform. Besides, it aids businesses in accumulating tax and compliance disbursements, creating payment links that are shareable via instant messaging services or email, automating the harmonization of incoming transactions through UPI IDs and virtual accounts, and offering subscription schemes with automated recurring transactions on several modes of payments. Razorpay, annually, deals with US$ 60 billion transactions claims to have attracted more than 8 million enterprises such as Swiggy, Cred, Facebook, Indian Oil, National Pension System, and others.
What the Founder has to say: “We have been working relentlessly for the last seven years towards building Razorpay as the people-first payment and technology solution. We have shown stark commitment and the spirit to reinvent persistently since our inception.”- Shashank Kumar, Founder of Razorpay. “Our payments solution has become robust. We have been successful in proving our thesis on lending and neo banking in the last seven years.”- Harshil Mathur, CEO and Co-Founder of Razorpay.
What the Investor has to say: “As a pioneer in the rapidly growing digital payments industry of India, Razorpay has persistently innovated and blazed new trails. Having a wide range of offerings across software, payment and banking, that offer a flawless end-to-end experience for merchants and geographic expansion imminent, we are exhilarated to join hands with Razorpay. The firm has constantly worked towards meeting its vision, and it is thrilling to accompany them in their growth journey.”- Deepak Ravichandran, General Partner at Alkeon Capital.
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