Razorpay: unicorn status after $ 100 million in Series D

Indian start-up Razorpay achieved unicorn status after raising $ 100 million in a Series D funding round, the company said in a declaration Monday (Oct 12).

The investment was co-led by GIC, the Singapore sovereign wealth fund, and Sequoia Capital India. Existing investors Y Combinator, Matrix Partners India, Tiger Global and Ribbit Capital also participated in the round. The funding will be used to increase the company’s headcount and to improve its neo-banking platform Razorpay and its lending arm Razorpay Capital.

The new funding has given Razorpay $ 206.5 million in investment since its inception in 2014. Its most recent fundraiser includes $ 75 million in a 2019 Series C cycle.

Razorpay was started by Shashank Kumar and Harshil Mathur and was born out of a crowdfunding project. The startup received a lot of attention after being chosen for the Y Combiner acceleration program.

“Five years ago, when Harshil and I moved to Bangalore to start Razorpay, the startup ecosystem was still nascent and was less than ten years old,” said co-founder Kumar. “For most businesses, accepting payments online was a major struggle and it was a stumbling block in India’s digitization campaign.

He added that they started Razorpay to help all businesses accept digital payments. “Our commitment continues: to understand the problems our customers face and to develop solutions using what we know best: technology. “

“At Razorpay, we’ve always been a payments company and we’ve always focused on financial solutions. With this funding, we want to go further within our reach. We aim to create more in-depth technological products and solutions, as we always have, ”said co-founder and CEO Mathur. TechCrunch.

He added that the company is now focused on building its neo-banking platform and lending arm. “The neobank is growing by 100%. We believe that both will contribute a significant portion of our revenues in fiscal year 21. ”

The company’s new cash advance Solution enables small and medium-sized enterprises (SMEs) to borrow working capital in seconds. India has over 63 million SMEs, and around 60% of them do not have easy access to loans.

——————————

NEW PYMNTS DATA: 58% OF MULTINATIONAL COMPANIES USE CRYPTO-CURRENCY

On: Despite price volatility and regulatory uncertainty, a new study from PYMNTS shows that 58% of multinational companies are already using at least one form of cryptocurrency, especially when transferring funds across borders. The new Cryptocurrency, Blockchain and Global Business survey, a PYMNTS and Circle collaboration, polling 500 executives examines the potential and pitfalls that crypto faces as it becomes part of the mainstream financial sector.

Source link

About Mildred B.

Check Also

Ex-captain of Puntod barangay, officials ordered dismissal

THE Ombudsman’s Office declared former Puntod village chief Marvin Beja and two other barangay officials …