Razorpay becomes a Unicorn club member on raising $100 Million in funding
By: Sneha Chaudhary
- One of the handfuls of Indian fintech start-ups that have seen accelerated growth in recent years.
- A new financing cycle a D series was co-driven by Singapore’s sovereign wealth fund GIC and Sequoia India.
- The startup has extended its contributions to give advances to organizations and dispatched a neo-banking stage to give corporate.
Razorpay, headquartered in Bangalore, one of the handfuls of Indian fintech start-ups that have seen accelerated growth in recent years, joined the prestigious unicorn group after raising $100 million in a new funding round, the startup for payments processing said on Monday.
The new financing cycle, a D Series, was co-driven by Singapore’s sovereign wealth subsidize GIC and Sequoia India, the six-year-old Indian startup said. The new round esteemed the startup at “somewhat more than $1 billion,” fellow benefactor and CEO, Harshil Mathur, told TechCrunch in a meeting.
Existing financial specialists like Ribbit Capital, Tiger Global, Y Combinator, and Matrix Partners likewise partook in the round, which brings Razorpay’s absolute to-date raise to $206.5 million.
Razorpay acknowledges, measures, and dispenses cash online for private ventures and undertakings. As of late, the startup has extended its contributions to give advances to organizations and dispatched a neo-banking stage to give corporate Mastercards, among different items. Some of Razorpay ‘s customers include Decacorn Oyo budget housing, Cred fintech venture, Facebook social giant, Zomato, and Swiggy e-commerce Flipkart top food delivery startups, Byju’s online learning network, Zilingo supply chain network, Yatra and Goibibo travel ticketing companies, and Airtel telecom giant.
With this, three fin-tech unicorns (Pine Laboratories, Zerodha, and Razorpay), one app unicorn (Postman), one ed-tech unicorn (Unacademy), and one beauty room (Nykaa) appeared in 2020. This is driven by all forms of business’ embrace of technology. Mohan Kumar Managing partner at software-focused venture firm, Avataar said, “This is motivated by the implementation of technologies by all industry classes. If they have an online presence, a store, or a spa might find it difficult to do business. That is why retailers have a paradox and the hospitality industry is struggling, but they are not funded by technology firms. That’s why capital comes into technology and valuations go up”.
