GIC, Sequoia power Razorpay’s $160-mn funding round

 GIC, Sequoia power Razorpay’s $160-mn funding round

Singapore sovereign wealth fund GIC Pte Ltd and venture capital firm Sequoia Capital India have led a new round of funding in Razorpay that tripled the valuation of the digital payments gateway company.

Razorpay said Monday it has raised $160 million in a Series E round from existing investors GIC, Sequoia, Ribbit Capital, Matrix Partners and Tiger Global.

The round valued the fintech startup at $3 billion, compared with around $1 billion in October last year when it had snagged $100 million in its Series D round to enter the unicorn club.

The new round takes the total amount that Razorpay has raised since it was founded by Harshil Mathur and Shashank Kumar seven years ago to $366.5 million.

The startup said it will use the fresh capital to enter Southeast Asian markets, expand its team and strengthen its product offerings including its neobanking platform RazorpayX.

Razorpay operates a payment gateway to process money online for enterprise. It also runs a neobanking platform to issue corporate credit cards and offers working capital loans to businesses.

The company says it has more than 5 million companies as its clients. These include Zomato, Swiggy, Facebook, Spicejet, Bharti Airtel, Unacademy, Pizza Hut, Ola and Disney’s Hotstar unit.

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Sumit Upadhyaya

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