(Bloomberg) — Razorpay Software Pvt raised $375 million in a round led by Lone Pine Capital, Alkeon Capital and TCV at a valuation of $7.5 billion to take its place among India’s most valuable startups in the hot fintech segment.
The Bangalore-headquartered firm’s Series F round also garnered investment from existing supporters like Tiger Global Management, Sequoia Capital, GIC and Y Combinator, the company said in a statement.
Razorpay will deploy the capital to expand internationally, starting with Southeast Asia, grow its internet-only banking platform called RazorpayX and make acquisitions in the software-as-a-service segment. The company became a unicorn in October 2020 and was valued at $3 billion in an April fundraising round. It has raised a total of $741.5 million so far.
Razorpay was founded in 2014 by Harshil Mathur and Shashank Kumar, alumni of the top engineering school Indian Institute of Technology Roorkee.
The startup aims to take advantage of the sweeping global shift toward digital financial services, with small businesses racing to get online with plug-and-play payment processing such as the service Razorpay offers. This year alone, the company’s payment systems powered nearly three dozen Indian startups that grew into unicorns, it said.
Razorpay is targeting $90 billion in total payment volume by the end of 2022 after aggregating $60 billion by early December, marking more than 300% annual growth for the second consecutive year.
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