MUMBAI, June 18: Payments solution provider
Razorpay Tuesday said it has raised USD 75 million in its
Series C funding led by Sequoia India and Ribbit Capital,
along with participation from Tiger Global and Y Combinator.
The company aims to use a significant share of these
funds to develop new technologies and scale up its recently
expanded product suite, Razorpay X and Razorpay Capital.
Razorpay also plans to use these funds to double its
headcount to 700 by 2020 and hire senior members to lead
different product verticals, it said in a statement.
It has raised a total of USD 31.5 million in Series A
in 2016 and Series B in 2018 rounds, along with 33 angel
investors and a strategic investment by MasterCard.
The company expects its neo-banking platform Razorpay
X and lending arm Razorpay Capital, along with the non-
payment gateway suite to contribute to 40 per cent of its
revenue by next year.
“Our key mission is that while our partner businesses
disrupt the Indian economy with new ideas, products,
experiences and new jobs, we want to power their financial
systems. Today, over 350,000 disruptors are partnered with us
to create the difference that we are here to make,” Razorpay
CEO and Co-Founder Harshil Mathur said.
This funding has come in at a time when fintech and
banking is evolving beyond payments and lending and we would
like to change the way businesses access banking products,
Mathur said.
The company currently powers digital payments for
businesses like IRCTC, Airtel, BookMyShow, Zomato, Swiggy,
Yatra and Zerodha, among others and plans to increase this to
450,000 by 2020.
This converged payments solution company expects a 5x
growth in its revenue by the end of the next fiscal year. (PTI)
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