Fintech Funding News: Razorpay Raises $100 Mn at Valuation of $1 Bn
Updated: Oct 17, 2020
Razorpay raised $100 Mn for a 10% stake at a valuation of $1 Bn entering the coveted unicorn club.
Razorpay a Y-combinator batch 2015 startup is a B2B payments company with customers ranging from OYO, Zomato & Cred to small and medium-scale enterprises.
Tier 1 investors like GIC, Singapore based sovereign fund, and Sequoia participated in this round, Existing investors Y-Combinator, Tiger Global, Ribbit Capital & Matrix Partners also participated in the round.
Razorpay was cofounded by Harshil Mathur & Shashank Kumar, Both of them IIT Roorkee alumni, Shashank Kumar who is an Ex-Microsoft employee spearheads the technology and product at Razorpay with Harshil Mathur leading the business vertical.
The newly infused funds will be used to grow new credit card for B2B called RazorpayX and B2B capital entity Razorpay Capital.
Razorpay headquartered in Bangalore competes with the likes of Instamojo, PayU, Cashfree & CCavenue in the payment gateway vertical.
Razorpay will compete with Karbon Card and EnKash in neo B2B credit cards category.